Canada’s big banks began reporting their quarterly earnings Wednesday with news that CIBC’s profits rose 25% in the past three months.
CIBC reported better-than-expected results for its second quarter with a 25% increase in net income compared with a year ago. The lender reported a profit attributable to common shareholders of $1.29 billion or $2.89 per diluted share for the quarter ended April 30, up from $1.04 billion or $2.59 per diluted share a year ago.
On an adjusted basis, the bank said it earned $1.32 billion or $2.95 per diluted share for the quarter ended April 30, up from $1.06 billion or $2.64 a year earlier. Analysts had expected a profit of $2.81 per share, according to Thomson Reuters Eikon.
CIBC Chief Executive Officer Victor Dodig said each of the bank’s units performed well during the quarter. The lender's Canadian personal and small business banking division reported a 16% increase in net income to $584 million, while its U.S commercial banking and wealth management arm saw net income climb 431% year-over-year to $138 million.
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