CIBC announces lower third-quarter profit as total revenue increases

CIBC says it earned $1.67 billion in the third quarter, up from $1.73 billion in the same quarter last year.

The bank says its net income was $1.78 per diluted share for the quarter ended July 31, compared with $1.88 per diluted share a year earlier.

Revenue totaled $5.57 billion, compared to $5.06 billion in the same quarter last year.

Provisions for credit losses totaled $243 million, compared to a reversal of credit losses of $99 million in the third quarter last year.

On an adjusted basis, CIBC says it earned $1.85 per diluted share, compared to adjusted earnings of $1.96 per diluted share a year ago.

Analysts on average had expected adjusted earnings of $1.83 per diluted share, according to financial markets data firm Refinitiv.

“As the economic environment continues to evolve, we remain focused on creating shareholder value by taking a disciplined approach to capital allocation to execute our strategy, focusing on key customer segments, further improving the customer experience and investing in future differentiators for our bank, » CIBC Chief Executive Victor Dodig said in a statement.

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CIBC said its Canadian retail and business banking business gained $595 million, compared to $642 million in the same quarter last year, while Canadian commercial banking and wealth management services were up. earned $484 million, down from $470 million.

The bank’s commercial banking and wealth management arm in the United States earned $193 million, up from $266 million a year ago.

CIBC’s capital markets business brought in $447 million, down from $491 million in the same quarter last year.