(Bloomberg) -- Canadian Imperial Bank of Commerce beat analyst estimates as it set aside less than expected to cover potentially sour loans and said it has...
-- Canadian Imperial Bank of Commerce beat analyst estimates as it set aside less than expected to cover potentially sour loans and said it has worked out most of its problems in US office loans.The Toronto-based lender reported earnings of C$1.93 per share, exceeding forecasts of C$1.74 per share for the fiscal third quarter ended July 31.
“Watchlist loans remain elevated and there will be some new inflow, but defaults are significantly reduced going forward,” it said. “We note that provisions related to commercial real estate impairments were largely immaterial for the first time in a year and a half,” Jefferies analyst John Aiken said in a note to investors.CIBC was the last of the six largest Canadian banks to report earning — and one of three to come in well ahead of consensus expectations, Aiken noted.
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