The bank reported second-quarter net income of $2.47 billion, up roughly 23 per cent from the same period a year earlier and ahead of Visible Alpha analyst expectations. (The Logic)

Talking point: CIBC also said it has agreed to sell its 91.67 per cent stake in CIBC Caribbean to Bermuda-based Bank of N.T. Butterfield & Son for US$1 billion in cash and Butterfield shares currently valued at about US$645 million. As part of the deal, CIBC will retain a 22 per cent minority stake in Butterfield. The deal marks CIBC’s second attempt to exit the Caribbean business after a previous sale fell through during the pandemic. Jefferies analyst John Aiken described Thursday’s transaction as a “welcome relief” in a note to clients. Meanwhile, provisions on impaired loans rose by $85 million year over year to $548 million. Chief risk officer Frank Guse said the bank does not currently see “material” credit concerns, though some parts of the loan portfolio are facing “more pressure than anticipated earlier in the year.”