Canadian lenders, Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada have reported increased fiscal first quarter profits, The Wall Street Journal reports. Toronto-based CIBC’s net income for the quarter ended January 31 rose 23% to $808.1 million, as compare to $664.3 million for the same period in 2010.
Montreal-based National Bank of Canada reported increased profit of $317.9 million, from $219 million a year earlier. CIBC’s loan-loss provisions fell to $212.8 million from $365.6 million a year earlier, because of lower write-offs in its cards and personal-lending portfolios and reduced provisions in commercial banking.
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