CIBC reports $1.8B Q3 profit, provision for credit losses down from year ago
By The Canadian Press on August 29, 2024.
TORONTO – Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans. CIBC says its net income totalled $1.80 billion or $1.82 per diluted share in for the quarter ended July 31, up from $1.43 billion or $1.47 per diluted share in the same quarter last year. Revenue totalled $6.60 billion, up from $5.85 billion. CIBC’s provision for credit losses for the quarter amounted to $483 million, down from $736 million a year earlier. On an adjusted basis, CIBC says it $1.93 per diluted share in its latest quarter compared with an adjusted profit of $1.52 per diluted share in the same quarter last year. Analysts on average had expected an adjusted profit of $1.74 per share, according to LSEG Data & Analytics. This report by The Canadian Press was first published Aug. 29, 2024. Companies in this story: (TSX:CM) 9-8
