CIBC-Canadian Imperial Stock Up 5.5% as Lower Provisions Aid Q3 Earnings

Shares of Canadian Imperial Bank of Commerce (CM) gained 5.5% following the release of its third-quarter fiscal 2024 (ended July 30) results. Adjusted earnings per share of C $1.93 increased 27% from the prior-year quarter. Results benefited from an improvement in revenues and lower provisions. Also, loans and deposit balances increased in the quarter. However, higher expenses were an undermining factor. After considering non-recurring items, net income was C$ 1.8 billion ($1.31 billion), reflecting a 25% yea ...