Canadian Imperial (CM) surges on earnings beat

Canadian Imperial Bank of Commerce (CM) 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.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.36 per share.