Canadian lender CIBC posts fall in third-quarter earnings
© Reuters. A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie/File Photo
(Reuters) – Canadian Imperial Bank of Commerce on Thursday reported a fall in third-quarter earnings, as the lender set aside higher provisions to prepare for defaults arising from a slowdown in the economy.
Net income, excluding one-off items, stood at C$1.85 per share in the three months ended July 31, compared with C$1.96 per share a year earlier.
Canada’s fifth-largest lender reported an overall net profit of C$1.67 billion ($1.29 billion), or C$1.78 per share, compared to C$1.73 billion, or C$1.88 per share, in the year earlier.
($1 = 1.2908 Canadian dollars)
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