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CIBC earnings beat estimates, building on earlier momentum

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Adjusted earnings of $1.75 per share in the second quarter outpaced $1.65 per share consensus

reported second quarter earnings that beat analyst estimates, helping the lender build on the positive momentum it has established in recent months.

CIBC made $1.7-billion last quarter, or $1.79 per share, and earnings per share were up 2 per cent year-over-year. After adjusting for one-time items, the bank made $1.75 per share, beating analyst estimates of $1.65 per share.this quarter, with higher provisions for credit losses at some lenders concerning investors. Interest rates have remained higher for longer, making it more expensive for clients to borrow, which has pushing bankruptcies higher.

CIBC’s provisions for credit losses, however, dropped slightly quarter-over-over, particularly in Canadian personal and commercial banking, which is the lender’s largest division. CIBC has also focused on expense control in recent quarters, and that continued. The bank reported operating leverage of 3 per cent in Canadian personal and commercial banking, meaning revenues in its largest unit are growing faster than expenses.

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