TORONTO (Reuters) – Canadian Imperial Bank of Commerce beat analysts’ estimates for quarterly profit on Thursday, driven by much lower-than-expected provisions.
Net income excluding one-off items rose to C$1.67 billion ($1.38 billion), or C$3.59, in the three months ended April 30, compared with C$441 million, or 94 Canadian cents, a year earlier. Analysts had expected C$3.01 a share, according to IBES data from Refinitiv.
Canada’s fifth-biggest lender reported overall net profit of C$1.65 billion, or C$3.55 a share, up from C$392 million, or 83 Canadian cents, a year ago.
($1 = 1.2110 Canadian dollars)
(Reporting by Niket Nishant and Nichola Saminather)
