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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Loan loss provisions decrease CIBC’s second-quarter profit.

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13... A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13... A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio

On Thursday, CIBC (CM.TO) announced a drop in second-quarter profit due to greater provisions for failed loans due to the economy.

On Wednesday, the Bank of Montreal and Bank of Nova Scotia missed estimates due to greater provisions, weaker top-line growth, and higher expenses.

By market capitalization, CIBC, Canada’s fifth-largest bank, put aside C$438 million ($328 million) for bad loan provisions in the second quarter, up C$135 million from a year earlier.

For the three months ended April 30, net income, excluding one-time items, was C$1.63 billion, or C$1.70 a share, compared to C$1.65 billion, or $1.77 a year earlier.


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