Canada’s biggest bank reported a $5.8 billion profit for the first quarter, up 13 per cent from last year. CIBC, meanwhile, posted a net income of $3.1 billion, a 43 per cent increase year over year. RBC and CIBC topped Visible Alpha’s consensus analyst expectations by 6.5 per cent and 32 per cent, respectively. (The Logic)

Talking point: Strength in personal and business banking drove the banks’ results. CIBC’s profit in the unit rose 25 per cent to $960 million, while RBC’s personal banking profit climbed 17 per cent to $1.96 billion and its commercial banking profit increased 11 per cent to $863 million. Wealth management also helped: CIBC’s profit for that division rose 9 per cent to $647 million, and RBC’s was up 32 per cent to $1.3 billion. Capital markets activity was CIBC’s second-largest profit contributor, up 42 per cent to $877 million from the same period one year ago, while RBC’s capital markets profit rose 3 per cent to $1.48 billion. “Clients are generally managing near-term uncertainty well,” CIBC CEO Harry Culham said on the earnings call. CIBC set aside $568 million in provisions for credit losses, down from $573 million a year earlier. RBC halved theirs to $1.09 billion, 4 per cent higher year over year.

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