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Canadian Imperial Bank of Commerce quarterly profit beats expectations

TORONTO, May 27 (Reuters) - Canadian Imperial Bank of Commerce beat analysts’ estimates for quarterly profit on Thursday, driven by much lower-than-expected provisions.

Net income excluding one-off items rose to C$1.67 billion ($1.38 billion), or C$3.59, in the three months ended April 30, compared with C$441 million, or 94 Canadian cents, a year earlier. Analysts had expected C$3.01 a share, according to IBES data from Refinitiv.

Canada’s fifth-biggest lender reported overall net profit of C$1.65 billion, or C$3.55 a share, up from C$392 million, or 83 Canadian cents, a year ago. ($1 = 1.2110 Canadian dollars) (Reporting by Niket Nishant and Nichola Saminather)

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