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-Canadian Imperial Bank of Commerce on Thursday reported a better-than-expected quarterly profit, driven by robust performance in its capital markets business and U.S. commercial banking segment.
The bank's capital markets and direct financial services segment reported a net income of C$560 million in the second quarter, up 13% from a year earlier.CIBC said provision for credit losses was C$514 million in the quarter, up C$76 million from a year earlier, but lower than analysts' estimates of C$557 million, according to LSEG data.
Higher interest rates have raised the risk of customers defaulting on their loan repayments, prompting lenders to build bigger rainy-day funds. The bank said it recorded lower loan loss provisions in its commercial banking segment in Canada and the U.S., a market where it was previously hit due to its exposure to office real estate office. But it continued to set aside more funds for the personal banking business.The bank's adjusted net income rose to C$1.72 billion, or C$1.75 per share, in the three months ended April 30, from C$1.63 billion, or C$1.70 per share, a year earlier.
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