Friday , April 16 2021
Breaking News
Home / International Customs / Canadian Imperial up on improved Q1 earnings, revenues
Canadian Imperial up on improved Q1 earnings, revenues

Canadian Imperial up on improved Q1 earnings, revenues

OTTAWA: Canadian Imperial Bank of Commerce (CM – Free Report) gained nearly 1% on the NYSE following the release of its first-quarter fiscal 2017 earnings (ended Jan 31) last week. Adjusted earnings per share for the quarter came in at C$2.89, up from C$2.55 in the prior-year quarter. Results improved due to growth in revenues and a fall in provision for credit losses. Further, a strong balance sheet position supported the results. However, an increase in expenses was an undermining factor. After considering several non-recurring items, net income in the quarter jumped 43% year over year to C$1.41 billion ($1.06 billion).

Adjusted total revenue grew 9% year over year to C$4.03 billion ($3.02 billion). On a reported basis, total revenue was C$4.21 billion ($3.16 billion), up 17% from the prior-year quarter. Net interest income was C$2.14 billion ($1.60 billion), up 2% from the year-ago quarter. The improvement reflected a rise in interest income, partly offset by higher interest expenses. Non-interest income increased 40% year over year to C$2.07 billion ($1.55 billion). The upside was due to growth in all fee income components, except income from equity-accounted associates and joint ventures. Adjusted non-interest expenses totaled C$2.27 billion ($1.70 billion), up 5% from the year-ago quarter. Total provision for credit losses declined 19% year over year to C$212 million ($158.9 million).