Toronto (Reuters) – On Thursday, Canadian Imperial Bank of Commerce’s quarterly profit fell short of analyst projections due to greater provisions for credit losses and expenditures, as well as reduced investment banking revenue.
During the three months ending on April 30, the net income excluding one-time items was C $1.65 billion, or C $1.77, compared to C $1.67 billion, or C $1.79, a year earlier. According to statistics from IBES and Refinitiv, analysts projected $1.78 per share.
The fifth-largest lender in Canada recorded a net income of C $1.52 billion, or C $1.62 per share, down from C $1.65 billion, or C $1.78 per share a year earlier.
