Canadian Imperial Bank of Commerce (CIBC) trounced quarterly profit estimates on Friday, powered by strong trading and global markets revenue that helped counter a decline in lending growth.
The Canadian Imperial Bank of Commerce logo is seen on a building in Toronto, Ontario, Canada September 27, 2021. REUTERS/Chris Helgren/File Phototrounced quarterly profit estimates on Friday, powered by strong trading and global markets revenue that helped counter a decline in lending growth.
Shares of the Toronto-based lender, which kicked off the first-quarter earnings season for major Canadian banks, rose 1% in a weak broader market. Total trading revenue surged 82% from the fourth quarter to C$610 million, while revenue from global markets grew 17% from a year earlier. Its personal and business banking unit, however, reported a 14% decline in net income, while its advisory and underwriting segment was weighed down by market conditions.
"While our pipelines remain stable, we've seen slower lending growth due to both reduced client demand and from our prudent risk posture in this environment," Chief Executive Officer Victor Dodig told analysts on a post-earnings call.
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