April 25th, 2024

CIBC reports $1.73B first-quarter profit, revenue up five per cent

By The Canadian Press on February 29, 2024.

The CIBC logo is displayed on a flag in front of its headquarters in Toronto on Monday, Oct. 25, 2021. THE CANADIAN PRESS/Evan Buhler

TORONTO – CIBC reported a first-quarter profit of $1.73 billion as its revenue rose five per cent compared with a year earlier.

The bank says the profit amounted to $1.77 per diluted share for the quarter ended Jan. 31, up from a profit of $433 million or 39 cents per diluted share in its first quarter last year.

Revenue for the quarter totalled $6.22 billion, up from $5.93 billion a year earlier.

The results came as provisions for credit losses amounted to $585 million, up from $295 million in the same quarter last year.

On an adjusted basis, CIBC says it earned $1.81 per diluted share, down from an adjusted profit of $1.94 per diluted share a year earlier.

Analysts, on average, had expected a profit of $1.66 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 29, 2024.

Companies in this story: (TSX:CM)

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