CIBC profit misses on sluggish loan growth, higher loan provisions as it kicks off big-bank results [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Toronto Globe and Mail
CIBC profit misses on sluggish loan growth, higher loan provisions as it kicks off big-bank results Canadian Imperial Bank of Commerce missed analysts’ estimates for quarterly profit on Wednesday, as sluggish loan growth and higher loan-loss provisions in retail banking more than offset gains in its capital markets business. Higher interest rates while helping Canadian banks earn more have also crimped borrowers’ ability to take loans. That, along with the tough mortgage loan regulations the Canadian government imposed last year, has resulted in sluggish consumer loan growth. The Bank of Canada has raised key interest rates five times since July 217, while the U.S. Federal Reserve has hiked interest rates six times over the same period. Story continues below advertisement Net income at CIBC’s retail banking business, which provides loans and other financial products to businesses and individual consumers across Canada, fell 2.4 per cent to $57-million from a year earlier. Total provis
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