The Toronto-based lender reported earnings per share of $1.93 in the quarter ending July 1, beating analyst expectations of $1.74 per share, or by nearly 11 per cent. In a call with analysts, CFO Robert Sedran said the bank was able to reduce the amount of money it set aside for bad U.S. office mortgages, saying “we do not expect the high level of losses we previously experienced to repeat.” (The Logic)

Talking point: CIBC, the last of the Big Six banks to report its earnings for the third quarter, joins competitors National Bank and RBC in topping analyst expectations for both profit and loan-loss provisions. CIBC’s stock rose more than five per cent on the Toronto Stock Exchange Thursday. Meanwhile, BMO, Scotiabank and TD Bank all disclosed they set aside more money to cover potentially sour loans in the quarter, with TD also revealing it has increased the total amount of money it’s set aside for possible U.S. money-laundering penalties to US$3 billion. The results highlight the changing economic times, as central banks in Canada and the U.S. prepare to cut rates in the fall as inflation slows, but strain on borrowers persists.