CIBC's Q1 Provision For Credit Losses C$514M, Up C$76M From The Same Quarter Last Year
Portfolio Pulse from Benzinga Newsdesk
CIBC's Q1 provision for credit losses increased to C$514 million, up C$76 million from the same quarter last year. The rise is attributed to higher provisions in U.S. Commercial Banking and Wealth Management, and Canadian Personal and Business Banking.
May 30, 2024 | 9:34 am
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CIBC's Q1 provision for credit losses increased to C$514 million, up C$76 million from the same quarter last year, driven by higher provisions in U.S. Commercial Banking and Wealth Management, and Canadian Personal and Business Banking.
The increase in provisions for credit losses indicates potential challenges in credit quality, which could negatively impact investor sentiment and short-term stock performance.
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