CIBC reports $2.4B Q3 profit up from $2.1B a year ago, revenue also higher

CIBC announced a $2.41 billion profit for its third quarter, a significant increase from $2.10 billion in the same period last year. This growth was driven by revenue expansion across all business segments. The bank reported a profit of $2.47 per diluted share, up from $2.15 per share a year prior. On an adjusted basis, CIBC's profit was $2.73 per diluted share, compared to $2.16 per share in the previous quarter.

Total revenue for the quarter reached $8.37 billion, up from $7.25 billion a year ago. The provision for credit losses was $564 million, slightly higher than $559 million in the comparable quarter last year. Analysts had anticipated a profit of $2.53 per share and revenue of $8.03 billion.