Dodig also said Thursday the bank had record flows into its mutual fund sales business, as the bank beat analyst expectations, reporting its first-quarter profit grew compared with a year ago before the pandemic started.
"Overall, government support programs continue to help blunt the economic impacts of the pandemic, and our clients continue to exhibit disciplined behaviour in view of the economic uncertainty," said Shawn Beber, the CIBC's chief risk officer, on a conference call with analysts. Dodig noted that the quicker reopening of the economy in the U.S. has benefited CIBC's commercial lending business there, and that the bank is hoping for a similar uptick in Canada.
Laura Dottori-Attanasio, who leads personal and business banking, added that small businesses are "managing very prudently, holding on to their dollars and monies they've received from the government, as many wait for the economy to reopen."
Also screwing over small businesses and families by not putting a moratorium on mortgage payments and interest probably helped, too.
Dear expect for the dip, if rich people from other countries (HK) stop or slow migrating to canada. The fake bubble of realestate is not going to last, we have seen what it did in 2008 in US
Banks still making a profit, while many Canadians are struggling to make ends meet.