On an adjusted basis, CIBC earned $1.32 billion for the quarter, up from $1.06 billion a year earlier. CIBC, the first of Canada’s Big Six banks to report second-quarter results, announced a double-digit profit bump Wednesday, handily beating market expectations despite slowing growth in mortgage lending. Article Continued BelowIn April, home sales dropped to a seven-year low for the month that typically kicks off the busy spring real estate season. The Canadian Real Estate Association largely blamed a new stress test for uninsured mortgages that came info effect on Jan. 1. Kramer said CIBC has become less reliant on real estate lending for revenues.

Source: thestar May 23, 2018 19:22 UTC