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CIBC reports $1.27B fourth-quarter profit, up from $1.16B a year ago

Last Updated Nov 29, 2018 at 5:09 am PDT

A CIBC sign is shown in the financial district in Toronto on August 22, 2017. THE CANADIAN PRESS/Nathan Denette
Summary

CIBC reported a fourth-quarter profit of $1.27 billion, up from the same time last year

CIBC revenue totalled $4.45 billion, up from $4.27 billion in the bank's fourth quarter last year

TORONTO — CIBC reported a fourth-quarter profit of $1.27 billion, up from $1.16 billion in the same quarter last year.

The Toronto-based bank says the profit amounted to $2.80 per diluted share for the quarter ended Oct. 31, up from $2.59 per diluted share a year ago.

Revenue totalled $4.45 billion, up from $4.27 billion in the bank’s fourth quarter last year.

Provisions for credit losses amounted to $264 million, up from $229 million a year ago.

On an adjusted basis, CIBC says it earned $3 per diluted share in the quarter, up from an adjusted profit of $2.81 per diluted share in same quarter last year.

Analysts on average had expected a profit of $3.04 for the quarter, according to Thomson Reuters Eikon.

Companies in this story: (TSX:CM)