TORONTO — Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans, bucking a trend seen this quarter among other banks. CIBC said Thursday its net income totalled $1.
TORONTO — Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans, bucking a trend seen this quarter among other banks.
"But with two or three rate cuts and five-year fixed mortgages getting to a better rate, a price point maybe slightly below four per cent, I think you'll see that sentiment become more solidified, and we would see that as encouraging for the business going forward," he said. "We continue to expect this to be a headwind and then over time, interest rates will have a positive impact and will mitigate some of that pressure, but that will be lagging a little bit as well."
With credit quality being the main focus during this round of bank earnings, Royal Bank of Canada stood out in part because it set aside much less money than expected for potentially bad loans. "We still see a consumer who faces a lot of headwinds with the current rate environment,” said RBC chief risk officer Graeme Hepworth, noting how a wave of pending mortgage renewals and rising unemployment will create more stress ahead.
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