CIBC building square north wall
CIBC

CIBC reported a first-quarter profit of $2.17 billion, up from $1.73 billion a year earlier.

The bank said Thursday the profit amounted to $2.19 per diluted share for the quarter ended Jan. 31, up from $1.77 per diluted share in the same quarter last year.

Revenue for the quarter totalled $7.28 billion, up from $6.22 billion.

The bank’s provision for credit losses for the quarter amounted to $573 million, down from $585 million a year earlier.

On an adjusted basis, CIBC says it earned $2.20 per diluted share in its latest quarter, up from an adjusted profit of $1.81 per diluted share a year ago.

The average analyst estimate had been for an adjusted profit of $1.97 per share, according to LSEG Data & Analytics.

“In the first quarter of 2025, we delivered another strong financial performance by continuing to execute on our client-focused strategy, which is generating consistent results for our stakeholders,” CIBC chief executive Victor Dodig said in a statement.

CIBC said its Canadian personal and business banking business earned $765 million for the first quarter, up from $714 million a year ago, helped by higher revenue, partially offset by higher expenses and a higher provision for credit losses.

The bank’s Canadian commercial banking and wealth management business earned $591 million for the quarter, up from $523 million a year ago, primarily from higher revenue and partially offset by higher expenses and a higher provision for credit losses.

The increase in Canadian wealth management revenue was due to higher fee-based revenue from higher average assets under administration (AUA) and assets under management (AUM) balances from market appreciation, higher commission revenue from increased client activity and higher net interest income.

CIBC’s U.S. commercial banking and wealth management division earned $256 million compared with a loss of $8 million a year earlier, mainly attributed to a lower provision for credit losses, higher revenue and lower expenses.

The bank had $3.6 trillion in AUA as of Jan. 31, up from $3.1 trillion at the same time last year. It also had $400 billion in AUM, compared to $326 billion a year prior.

CIBC’s capital markets business earned $619 million in its most recent quarter, up from $522 million a year earlier.