By Adriano MarcheseCanadian Imperial Bank of Commerce on Thursday reported an increase in fiscal second-quarter profit and revenue growth in line with analyst expectations, propped up by a strong performance from its Canadian personal and commercial unit. The Canadian financial institution reported an 11% rise in net income for the period ended April 30, reaching 1.69 billion Canadian dollars ($1.24 billion), or C$1.76 a share, compared with C$1.65 billion, or C$1.62 a share, a year earlier. But analysts polled on FactSet were expecting a greater decline in the period, forecasting a fall to C$1.63 a share. Revenue rose to C$5.7 billion from C$5.38 billion, in line with analyst expectations. In the quarter, provision for credit losses was C$135 million higher at C$438 million, compared with a year ago.

Source: Wall Street Journal May 25, 2023 10:47 UTC