TORONTO — CIBC reported its third-quarter profit fell compared with a year ago as its provisions for bad loans rose due to the impact of the COVID-19 pandemic and continued pressure on oil prices, but the bank still topped expectations.
CIBC says it earned $1.17 billion or $2.55 per diluted share for the quarter ended July 31, down from nearly $1.4 billion or $3.06 per diluted share a year earlier.
Revenue totalled nearly $4.71 billion, down from $4.73 billion in the same quarter last year.
Provisions for credit losses were $525 million, up from $291 million a year ago.
On an adjusted basis, CIBC says it earned $2.71 per diluted share in its third quarter, down from an adjusted profit of $3.10 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $2.15 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Aug. 27, 2020.
Companies in this story: (TSX:CM)
The Canadian Press
