Divide Emerges as Big Banks Cope With Strained Consumers

Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans, bucking a trend seen this quarter among other banks. CIBC said Thursday its net income totalled $1.80 billion or $1.82 per diluted share in for the quarter ended July 31, up from $1.43 billion or $1.47 per diluted share in the same quarter last year. Revenue totalled $6.60 billion, up from $5.85 billion. CIBC’s provision for credit losses for the quarter amounted to $483 million, down from $736 million a year earlier. “While tighter monetary policy has slowed demand for loans in the industry on both sides of the border this year, we’re expecting business activity to pick up through 2025 amid further interest rate relief and stronger economic growth,” said CIBC chief executive Victor Dodig on the bank’s call with analysts....