Canadian Imperial Bank of Commerce's (CIBC) earnings took a tumble as it allocated an increasing amount of money towards bad loans triggered by the COVID-19 pandemic. The Toronto-based bank said Thursday that it earned $1.17 billion — or $2.55 per diluted share— in its third quarter, down from nearly $1.4 billion — or $3.06 per diluted share — a year earlier. Most Canadian business banking clients who negotiated deferrals have now finished accessing the bank's relief program, added chief risk officer Shawn Beber. His remarks came as CIBC said on an adjusted basis it earned $2.71 per diluted share in its third quarter, down from an adjusted profit of $3.10 per diluted share a year ago. CIBC's Canadian personal and business banking business earned $508 million in the quarter, down from $658 million in the same quarter last year.

Source: CBC News August 27, 2020 17:37 UTC