CIBC reports first-quarter profit up from year ago, beats expectations

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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.

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