TORONTO — CIBC reported a first-quarter profit of $2.17 billion, up from $1.73 billion a year earlier.
The bank said Thursday the profit amounted to $2.19 per diluted share for the quarter ended Jan. 31, up from $1.77 per diluted share in the same quarter last year.
Revenue for the quarter totalled $7.28 billion, up from $6.22 billion.
The bank's provision for credit losses for the quarter amounted to $573 million, down from $585 million a year earlier.
On an adjusted basis, CIBC says it earned $2.20 per diluted share in its latest quarter, up from an adjusted profit of $1.81 per diluted share a year ago.
The average analyst estimate had been for an adjusted profit of $1.97 per share, according to LSEG Data & Analytics.
"In the first quarter of 2025, we delivered another strong financial performance by continuing to execute on our client-focused strategy, which is generating consistent results for our stakeholders," CIBC chief executive Victor Dodig said in a statement.
CIBC said its Canadian personal and business banking business earned $765 million for the first quarter, up from $714 million a year ago, helped by higher revenue, partially offset by higher expenses and a higher provision for credit losses.
The bank's Canadian commercial banking and wealth management business earned $591 million for the quarter, up from $523 million a year ago, while CIBC's U.S. commercial banking and wealth management division earned $256 million compared with a loss of $8 million a year earlier.
CIBC's capital markets business earned $619 million in its most recent quarter, up from $522 million a year earlier.
This report by The Canadian Press was first published Feb. 27, 2025.
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