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CIBC profit beats estimates on capital markets, fewer provisions than expected

Credit: REUTERS/CHRIS WATTIE

Canadian Imperial Bank of Commerce beat analyst estimates for third-quarter profit on Thursday, following most rivals in receiving a boost from its capital markets business and taking fewer provisions than expected.

TORONTO, Aug 27 (Reuters) - Canadian Imperial Bank of Commerce CM.TO beat analyst estimates for third-quarter profit on Thursday, following most rivals in receiving a boost from its capital markets business and taking fewer provisions than expected.

Adjusted net income fell to C$1.24 billion ($943.1 million), or C$2.71 a share, in the three months through July, from C$1.4 billion, or C$3.10 per share, a year earlier. Analysts had expected C$2.15 a share on average, according to Refinitiv data.

Provisions for credit losses (PCL) climbed to C$525 million from C$291 million a year earlier, although they were down from C$1.4 billion in the previous quarter. Estimates had called for PCL of C$715.7 million.

($1 = 1.3148 Canadian dollars)

(Reporting By Nichola Saminather; Editing by Toby Chopra)

((Nichola.Saminather@thomsonreuters.com; +1-416-687-7604;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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