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CIBC posted net income of $2.1 billion in the fourth quarter, 15.8 per cent higher than the same period last year. BMO reported a profit of $2.29 billion, slightly below $2.30 billion in the previous year. (The Logic)
Talking point: Both banks reported strong earnings from their U.S. commercial banking and wealth management units, with CIBC seeing a 37.5 per cent jump to $275 million compared to last year, while BMO’s profit rose 187 per cent year-on-year to $807 million. Capital markets activity also boosted results, with CIBC’s profit rising 58 per cent to $548 million from a year ago and BMO’s more than doubling to $521 million on loan growth and a pickup in underwriting and advisory activity. “Our resilient capital position and our deep client relationships supported robust growth while maintaining strong credit quality,” CIBC CEO Harry Culham, who took the role on Nov. 1, said in the earnings release. CIBC set aside $605 million in provisions for credit losses in the quarter, up from $419 million a year earlier, while BMO halved theirs to $755 million, in line with analyst expectations.
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