TORONTO (Reuters) – Canadian Imperial Bank of Commerce beat analysts’ estimates for quarterly earnings on Friday, as adjusted profit rose 14% from a year-ago period as the lender saw lower provisions and higher revenue across its units.
Net income excluding one-off items increased to C$4.08 a share in the three months ended Jan. 31, compared with C$3.58 a year earlier. Analysts had expected C$3.67 a share, according to IBES data from Refinitiv.
Canada’s No. 5 lender reported an overall net profit of C$1.87 billion, or C$4.03 a share, up from C$1.63 billion, or C$3.55 a share.
(Reporting By Nichola Saminather in Toronto and Sohini Podder in Bengaluru; Editing by Sherry Jacob-Phillips)
