Market volatility helped lead to a surge in trading activity for CIBC that boosted first quarter revenue, while a lawsuit settlement pushed earnings down.
He said that overall the bank expects the trend to mean increased pressure on the economy, though he stopped short of predicting an outright recession. "Real estate is quiet. That will subdue growth a bit," said Jon Hountalas, recently-appointed group head of Canadian banking, noting that the bank will be more conservative in how it gives loans to new clients.The comments come as CIBC reported a net income of $432 million or 39 cents per diluted share for the quarter ended Jan. 31 compared with $1.87 billion or $2.01 per diluted share a year earlier.Adjusted earnings, which excluded the $1.
"However, we anticipate that the market is likely to temper its enthusiasm to a certain degree as the better-than-expected results were led by exceptionally strong trading revenues and lower-than-forecast provisions," he said.
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