CIBC’s Q3 profit rose as it set aside less money for bad loans

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.

CIBC says its net income totalled $1.80 billion or $1.82 per diluted share in for the quarter ended July 31, up from $1.43 billion or $1.47 per diluted share in the same quarter last year.

Revenue totalled $6.60 billion, up from $5.85 billion.

2:16 Business Matters: BMO, Scotiabank reserving money for bad loans

CIBC’s provision for credit losses for the quarter amounted to $483 million, down from $736 million a year earlier.

On an adjusted basis, CIBC says it $1.93 per diluted share in its latest quarter compared with an adjusted profit of $1.52 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.74 per share, according to LSEG Data & Analytics.