CIBC profit falls 70% as bank sets aside 5 times more money to cover bad loans

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Canadian Imperial Financial institution of Commerce (CIBC) reported a 70 per cent stoop in quarterly revenue on Thursday, because it put aside extra money to cowl potential loan-losses from the coronavirus pandemic.

Internet revenue attributable to fairness holders fell to $400 million, or 83 cents per share, within the second quarter ended April 30, from $1.34 billion, or $2.95 per share, a 12 months earlier.

CIBC put aside $1.41 billion within the quarter for future mortgage losses, in contrast with $255 million a 12 months earlier, with increased provisions for credit score losses on each performing and impaired loans because of the COVID-19 pandemic and continued strain on oil costs.

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