The Canadian Imperial Bank of Commerce reported a drop in first\u002Dquarter profit as it set aside provisions to settle a lawsuit. Read more
net income of $432 million, down 77 per cent from $1.87-billion, or $2.01 per share, a year ago for the three-month period ended Jan. 31.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way.
While loan growth checked in at 10 per cent, including 14 per cent for commercial loans, the bank’s credit-loss provisions grew to $295 million, up $220 million from the same time last year. in the hopes of generating double-digit revenue growth over the next few years. Total revenue in this segment grew to $706 million in the first quarter from $653 million during the fourth quarter last year.Article content
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