(Reuters) – CIBC reported a decline in second-quarter profit on Thursday, as the Canadian lender set aside higher provisions to prepare for soured loans due to a challenging economy.
Net income, excluding one-off items, came in at C$1.63 billion ($1.20 billion) or C$1.70 a share for the three months ended April 30, compared with C$1.65 billion or $1.77 a share a year earlier.
Follow us on Instagram @InvestmentBell
InvestmentBell provides the latest stock market, financial and business news from around the world.
Risk Disclosure: Before Trading in financial instruments and/or cryptocurrencies be aware that it involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Cryptocurrencies prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. If you decided to trade in financial instrument or cryptocurrencies, you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Trading in financial instruments, digital currencies, and CFDs involves high risks, including potential loss of investment, not suitable for all investors. Digital currency and CFD prices are highly volatile, influenced by external factors. Using financial leverage increases risks. Prior to trading, be fully aware of costs, risks, and align with investment objectives, experience, and risk tolerance. Seek professional advice when needed. Investmentbell acknowledges website data may not be real-time or accurate, provided by market makers. Prices constantly change and may not be suitable for trading. Investmentbell and data providers are not liable for trading losses or reliance on website information. Unauthorized use, reproduction, or distribution of website data is strictly prohibited without explicit permission. Intellectual property rights belong to service providers and data providers. Investmentbell may receive compensation from advertisers based on user interactions.See our Risk Disclosure
