CIBC reports second-quarter profit of $1.75 billion, up from $1.69 billion a year ago

By The Canadian Press on May 30, 2024.

TORONTO – CIBC reported a second-quarter profit of $1.75 billion, up from $1.69 billion in the same quarter last year.

The bank says the profit amounted to $1.79 per diluted share for the quarter ended April 30, up from $1.76 per diluted share in the same quarter a year earlier.

Revenue totalled $6.16 billion in the quarter, up from $5.70 billion a year ago.

CIBC’s provision for credit losses in the quarter amounted to $514 million, up from $438 million a year earlier.

On an adjusted basis, CIBC says it earned $1.75 per diluted share in its latest quarter, up from an adjusted profit of $1.70 per diluted share in the same quarter last year.

Analysts on average had expected a profit of $1.65 per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published May 30, 2024.

Companies in this story: (TSX:CM)

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