Here are five things you need to know this morning.
Over the last 10 years, Paige Ellis has become the yang to my yin. She has been a beacon of bright, positive energy. I'm... different from that. I put up a fuss if my producer asks me to stand in a different spot in the studio, while Paige will go wherever the story takes her. She's done everything from burpees at a Bay Street athletic competition during a wildfire air advisory to persevering through a segment while a pigeon dove for her head.
While provisions have been coming in higher across the board, CIBC’s PCL surprise was almost double the expectation. This was due to losses related to U.S. office exposure and reserve build for consumer portfolio. Outside of this, underlying results were decent. Canadian banking performed well and margins expanded from the previous quarter. Their capital levels also increased more than expected.
There was no update on the strategic review and KBW’s Mike Rizvanovic says it is unlikely one will be provided on the conference call. Andrew Bell will lead our coverage.Shares of Salesforce are rallying in the pre-market after the company grew sales more than expected and profit also beat expectations. The company also boosted its forecast for the year in a move than quells concerns about a broader slowdown.
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The Daily Chase: National Bank misses; Tentative deal in Metro strikeHere are five things you need to know this morning.
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CIBC reports $1.43B Q3 profit, down from $1.67B a year agoTORONTO — CIBC reported its third-quarter profit fell more than 10 per cent compared with a year ago as the amount it set aside for bad loans in the quarter tripled. The bank says it earned $1.43 billion or $1.
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CIBC's profit falls below estimates as it guards against bad loansCIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector. The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%.
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CIBC misses expectations as bad loan provisions tripleCIBC says profit fell more than 10 per cent as the amount it set aside for bad loans in the quarter tripled. Read more
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Non-permanent residents in Canada undercounted by one million: CIBCTORONTO — A new CIBC Capital Markets report says the official number of non-permanent residents in Canada often cited by policymakers could be vastly underestimated.
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CIBC's profit falls below estimates as it guards against bad loansMarket News
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