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Canada's CIBC beats profit estimates on US strength, capital markets business

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Canadian Imperial Bank Of Commerce News

Capital Markets,Quarterly Profit,CIBC

The bank's capital markets and direct financial services segment reported a net income of C$560 million ($408.2 million) in the second quarter, up 13% from a...

-Canadian Imperial Bank of Commerce on Thursday reported a better-than-expected quarterly profit, driven by robust performance in its capital markets business and U.S. commercial banking segment.

CIBC said provision for credit losses was C$514 million in the quarter, up C$76 million from a year earlier, but lower than analysts' estimates of C$557 million, according to LSEG data. The S&P 500 could plunge as much as 70% this cycle as markets hit a 'motherlode' of FOMO extremes, famed fund manager says

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