TORONTO — Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans, bucking a trend seen this quarter among other banks.
CIBC said Thursday its net income totalled $1.80 billion or $1.82 per diluted share in for the quarter ended July 31, up from $1.43 billion or $1.47 per diluted share in the same quarter last year.
Revenue totalled $6.60 billion, up from $5.85 billion.
CIBC’s provision for credit losses for the quarter amounted to $483 million, down from $736 million a year earlier.
“While tighter monetary policy has slowed demand for loans in the
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