CIBC is the second of Canada’s big banks to announce third quarter earnings with an increase year-over-year but a dip from the second quarter due to costs relating to its acquisition of PrivateBank.
\nThe lender revealed adjusted net income of $1.16 billion compared with $1.07 billion a year earlier; and adjusted earnings of $2.77 compared with $2.67 a year ago.<\/p>\n
\nHowever, reported diluted earnings per share were down to $2.60 from $3.61 in the second quarter as the bank faced increased costs from its acquisition of The PrivateBank, which is expected to deliver strong profits to the group.<\/p>\n
\nCIBC\u2019s Canadian retail and business banking unit saw net income rise 8% ($53 million) year-over-year to $719 million.<\/p>\n
\nProvision for losses was increased by 3% ($6 million) to $209 million mainly due to losses in its pre-existing U.S. real estate finance portfolio.\u00a0<\/p>\n
\nWhile the bank is not expecting any significant issues resulting from its mortgage book, CEO Victor Dodig told analysts that a moderation of loans would be expected as interest rates rise along with tighter regulation such as the OSFI proposals announced last month.
\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
CIBC is the second of Canada’s big banks to announce third quarter earnings with an increase year-over-year but a dip from the second quarter due to costs relating to its acquisition of PrivateBank. The lender revealed adjusted net income of $1.16 billion compared with $1.07 billion a year earlier; and adjusted earnings of $2.77 compared […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10062"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=10062"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10062\/revisions"}],"predecessor-version":[{"id":25786,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/10062\/revisions\/25786"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=10062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=10062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=10062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}