Canadian Imperial Bank of Commerce (CM) has reported that its fiscal third-quarter profit declined 14% from a year earlier to $1.43 billion.
The Toronto-based bank, commonly known as CIBC, said its net income, or profit, of $1.43 billion equated to $1.47 per share for fiscal Q3 ended July 31.
That compares to a profit of $1.67 billion, or $1.78 per share, a year earlier.
The latest profit figure badly missed the consensus forecasts of analysts, who had, on average, expected an adjusted profit of $1.68 a share, according to Refinitiv data.
Revenue in the latest quarter amounted to $5.85 billion, up 5% from $5.57 billion in the same period of 2022.
Like Canada’s other big banks, CIBC blamed the decline in profits on money set aside to cover potentially bad loans.
CIBC said it put aside $736 million for loan loss provisions in fiscal Q3, triple the $243 million it had set aside a year earlier.
The stock of CIBC has declined 11% over the last year to trade at $55.32 per share.
