* Q2 EPS C$1.60 Vs C$1.59 a yr ago
* Q2 cash earnings excluding one-time items C$1.75/shr
(Adds details on results, CEO comment, analysts' estimate)
TORONTO May 26 CIBC's (CM.TO) quarterly profit
rose 3 percent on the back of increased lending and lower
provisions for loan losses, the bank said on Thursday.
Net income in the second quarter ended April 30 rose to
C$678 million, or C$1.60 a share, from C$660 million, or C$1.59
a share, a year earlier.
The Toronto-based company said its adjusted cash earnings,
which exclude a loss from its structured credit run-off unit,
were C$1.75 a share.
Analysts on average had forecast earnings of C$1.80 a
share, according to Thomson Reuters I/B/E/S.
The bank said its provisions for bad loans fell to C$194
million from C$316 million a year earlier.
"CIBC delivered solid results this quarter across our core
businesses in retail markets and wholesale banking," Chief
Executive Officer Gerry McCaughey said in a statement.
Bank of Montreal (BMO.TO), kicked off the
earnings-reporting season for Canadian banks on Wednesday. Its
quarterly profit topped investors' expectations, driven largely
by growth in its Canadian lending portfolio and a drop in
provisions for soured loans. [ID:nN24268837]
CIBC rivals Toronto-Dominion (TD.TO) and National Bank of
Canada (NA.TO) are also reporting results later on Thursday.
Royal Bank of Canada (RY.TO), the largest of Canada's big
six, reports on Friday, while Bank of Nova Scotia (BNS.TO) the
last to report, comes next Tuesday. [ID:nN2043497]
(Reporting by Euan Rocha; Editing by Lisa Von Ahn)