CIBC's Q4 profit rises as loan loss provisions shrink-March 2024-www.financetom.com

CIBC's Q4 profit rises as loan loss provisions shrink

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CIBC's Q4 profit rises as loan loss provisions shrink

Dec 5, 2024 2:52 AM

Dec 5 (Reuters) - Canadian Imperial Bank of Commerce ( CM )

reported a rise in fourth-quarter profit on Thursday, as

the lender set aside smaller rainy-day funds to cover potential

loan losses.

The bank's adjusted net income rose to C$1.89 billion

($1.34 billion), or C$1.91 per share, in the three months ended

Oct. 31, from C$1.52 billion, or C$1.57 per share, a year

earlier.

($1 = 1.4055 Canadian dollars)

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