CIBC beats expectations despite profit slide to $1.02B

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CIBC beats expectations despite profit slide to $1.02B

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Canadian Imperial Financial institution of Commerce beat expectations at the same time as its fourth-quarter revenue edged down in contrast with a yr in the past.

The financial institution reported Thursday it earned practically $1.02 billion or $2.20 per diluted share for the quarter ended Oct. 21, down from $1.19 billion or $2.58 per diluted share in the identical quarter final yr.

Income totalled $4.6 billion, down from $4.77 billion a yr earlier.

Provisions for credit score losses have been $291 million, down from $402 million a yr in the past and $525 million within the financial institution’s third quarter.

On an adjusted foundation, CIBC says it earned $2.79 per diluted share for the quarter, down from $2.84 per diluted share a yr in the past.

Analysts on common had anticipated an adjusted revenue of $2.52 per share, in response to monetary knowledge agency Refinitiv.

CIBC additionally stated Thursday that Katharine Stevenson, who has been an unbiased director since 2011, will develop into chair of the board on the firm’s annual assembly set for April 8, 2021.

Stevenson will succeed John Manley, who will retire from the board on the assembly after serving six years as chair and 16 years as a CIBC director.

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