CIBC beats expectations despite profit slide to $1.02B
Canadian Imperial Bank of Commerce beat expectations even as its fourth-quarter profit edged down compared with a year ago.
The bank reported Thursday it earned nearly $1.02 billion or $2.20 per diluted share for the quarter ended Oct. 21, down from $1.19 billion or $2.58 per diluted share in the same quarter last year.
Revenue totalled $4.6 billion, down from $4.77 billion a year earlier.
Provisions for credit losses were $291 million, down from $402 million a year ago and $525 million in the bank’s third quarter.
On an adjusted basis, CIBC says it earned $2.79 per diluted share for the quarter, down from $2.84 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $2.52 per share, according to financial data firm Refinitiv.
CIBC also said Thursday that Katharine Stevenson, who has been an independent director since 2011, will become chair of the board at the company’s annual meeting set for April 8, 2021.
Stevenson will succeed John Manley, who will retire from the board at the meeting after serving six years as chair and 16 years as a CIBC director.