Canadian Imperial Bank of Commerce profit beats estimates on capital market strength

FILE PHOTO: The Canadian Imperial Bank of Commerce (CIBC) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

TORONTO (Reuters) - Canadian Imperial Bank of Commerce beat analysts’ estimates for quarterly profit on Thursday, as it put aside lower-than-expected funds for loan loss provisions and its capital markets segment performed well.

Adjusted net income rose to C$1.64 billion, or C$3.58 a share, in the three months to Jan. 31, compared with C$1.5 billion, or C$3.24 a share, a year earlier. Analysts had expected C$2.81 a share, according to IBES data from Refinitiv.

Net income stood at C$1.63 billion, or C$3.55 a share, up from C$1.2 billion, or C$2.63 a share.

($1 = 1.2476 Canadian dollars)

Reporting By Nichola Saminather and Sohini Podder; Editing by Shinjini Ganguli