By Ketki Saxena
Investing.com – Canadian Imperial Bank of Canada’s net income slipped 4% year over year to $1.67 billion in Q3 2022, as it reported sliding capital markets revenue and larger provisions for credit losses - which have been a dominant theme in Canadian bank earnings this quarter.
On an adjusted basis, the bank’s earnings were $1.85 per share in the quarter ending July 31. Analysts on average were expecting $1.82 per share.
CIBC’s capital markets business fell 9% year over year to $447 million due to high volatility and a steep decline in equity markets in this quarter.
Net income at CIBC’s Canadian personal and business banking segment slipped 7% from a year ago to $595 million, due to increased expenses and growing provisions for credit losses.
The bank’s Canadian commercial banking and wealth management segment grew 3% from a year earlier to $484 million, but dropped by $73 million to $193 million in the U.S., also due to higher credit provisions and expenses.
The bank added $243 million in credit-loss provisions, compared to a release of $99 million in the same quarter last year.