⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

CORRECTED-Canadian lender CIBC's quarterly profit rises

Published 2016-05-26, 09:07 a/m
© Reuters.  CORRECTED-Canadian lender CIBC's quarterly profit rises
CM
-

(Corrects paragraph 2 to clarify that figures are for net
income attributable to common shareholders)
May 26 (Reuters) - Canadian Imperial Bank of Commerce
CM.TO reported a 3.5 percent rise in quarterly profit, helped
by growth in its retail and business banking division.
Net income attributable to common shareholders rose to C$926
million, or C$2.35 per share in the second quarter ended April
30, from C$895 million, or C$2.25 per share, a year earlier.

Excluding an item, the bank set aside C$284 million to cover
bad loans, 44 percent higher than a year earlier, mainly due to
bigger losses in the oil and gas sector and higher write-offs
and bankruptcies in the card and personal lending portfolios.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.