CIBC Misses Estimates as Profit Margin From Lending Contracts
Canadian Imperial Bank of Commerce (CIBC) signage in Toronto, Ontario, Canada, on Friday, June 17, 2022. The bank posted earnings that missed analysts’ estimates as the lender failed to benefit from rising interest rates.
Photographer: Christopher Katsarov Luna/BloombergThis article is for subscribers only.
Canadian Imperial Bank of Commerce posted earnings that missed analysts’ estimates as the lender failed to benefit from rising interest rates.
Net interest margin -- the difference between what the bank earns on loans and what it pays for deposits -- contracted 10 basis points to 1.33% in the fiscal fourth quarter, the Toronto-based company said Thursday. Overall profit trailed analysts’ estimates for the three months through October.