From Yahoo: 2024-07-29 19:56:03

Canadian Imperial Bank of Commerce reported a strong quarterly profit, driven by success in capital markets and U.S. commercial banking. Net income for the capital markets segment was C$560 million, up 13% from last year. Despite an increase in credit loss provisions to C$514 million, the bank’s earnings exceeded analysts’ expectations. The U.S. segment saw a 73% increase in net income due to lower credit losses. Overall, adjusted net income rose to C$1.72 billion. Analysts had predicted earnings of C$1.65 per share. Higher interest rates have prompted lenders to prepare for potential defaults.



Read more at Yahoo: Canada’s CIBC beats profit estimates on US strength, capital markets business