Divide Emerges as Big Banks Cope With Strained Consumers

The new CIBC logo displayed in the lobby of its headquarters in Toronto on Oct. 25, 2021. Evan Buhler/The Canadian Press

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.