CIBC (TSX: CM) posted Q3 2026 financials, with net income of $2.41 billion, up from $2.10 billion a year earlier, as a charge tied to its pending Caribbean exit offset stronger underlying results.
On an adjusted basis, net income reached $2.65 billion, up from $2.10 billion a year ago, equating to $2.73 adjusted diluted EPS from $2.16 last year.
Revenue increased to $8.37 billion from $7.25 billion last year: with net interest income reaching $4.51 billion, up from $4.05 billion and non-interest income climbing to $3.86 billion from $3.21 billion.
The gap between reported and adjusted earnings largely came from $269.0 million of charges related to CIBC’s announced sale of its 91.67% interest in CIBC Caribbean Bank to Butterfield.
Canadian Personal and Business Banking earned $948.0 million, up from $812.0 million last year, and Canadian Commercial Banking and Wealth Management earned $619.0 million versus $598.0 million.
US Commercial Banking and Wealth Management rose to $320.0 million from $254.0 million while Capital Markets reached $722.0 million, up from $540.0 million last year.
Provision for credit losses was $564.0 million, compared with $559.0 million last year. Gross impaired loans increased to $4.02 billion from $3.28 billion a year earlier. The quarter included a performing-loan provision reversal, helped by a more favourable economic outlook and an allowance release following the sale of several US commercial real estate loans.
Operating activities generated $4.33 billion of cash during Q3, down from $5.86 billion a year earlier.
The adjusted efficiency ratio was 52.7%, improving from 54.7% last year while adjusted ROE increased to 16.8% from 14.2% a year ago.
The CET1 ratio fell to 13.4% from 13.6% in Q2 and was unchanged from a year earlier. The bank maintained its quarterly dividend at $1.07 per share.
CIBC last traded at $163.82 on the TSX.