TORONTO — CIBC beat expectations as it reported its first-quarter profit rose compared with a year ago.
The big bank says it earned net income of $1.63 billion or $3.55 per diluted share for the quarter ended Jan. 31, up from $1.21 billion or $2.63 per diluted share a year earlier.
Revenue totalled $4.96 billion, up from $4.86 billion.
Provisions for credit losses amounted to $147 million, down from $261 million a year ago.
On an adjusted basis, CIBC says it earned $3.58 per diluted share, up from $3.24 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $2.81 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Feb. 25, 2021
