Investing
CIBC posts decline in second-quarter profit on loan loss provisions
© Reuters. A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
(Reuters) – CIBC reported a decline in second-quarter profit on Thursday, as the Canadian lender set aside higher provisions to prepare for soured loans due to a challenging economy.
Net income, excluding one-off items, came in at C$1.63 billion ($1.20 billion) or C$1.70 a share for the three months ended April 30, compared with C$1.65 billion or $1.77 a share a year earlier.
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