Canadian Imperial Bank of Commerce (CIBC) reported a Q1 profit of $1.73B, a 354% increase YoY, with revenues up 4.9% to $6.22B.
Canadian Imperial Bank of Commerce (CIBC) reported a first-quarter profit of $1.73 billion, a 354% increase from the previous year, as revenues rose 4.9% to $6.22 billion. The bank's net profit grew to $1.77 per diluted share from $0.39 in Q1 2021. CIBC's provisions for credit losses increased to $585 million, up from $295 million in Q1 2021. The bank's adjusted pre-provision, pre-tax earnings grew by 8% year-over-year, and its adjusted diluted earnings per share increased by 15%. The Common Equity Tier 1 (CET1) Ratio stood at 13.0%.
February 29, 2024
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