By Dave Sebastian 



  Canadian Imperial Bank of Commerce said its profit for the second quarter fell as it booked higher provision for credit losses amid the Covid-19 pandemic and pressure on oil prices. 


  The Toronto bank posted net income of 400 million Canadian dollars ($290.3 million), or C$0.83 a share, compared with C$1.34 billion, or C$2.95 a share, in the same period last year. Adjusted earnings were C$0.94 a share. The company said it booked a C$57 million amortization and impairment of acquisition-related intangible assets and goodwill. 


  Analysts polled by FactSet were expecting earnings of C$1.76 a share, or C$1.71 a share on an adjusted basis. 


  Pre-provision earnings for Canadian personal and business banking fell 7% due to lower revenue amid the Covid-19 pandemic, the bank said. Driving revenue lower was the interest rate environment, decreased client transactions and pandemic-related interest-rate relief provided to credit card clients. 


  Provision for credit losses was C$1.41 billion, up more than fivefold from the year-ago period. 


  Net income for U.S. commercial banking and wealth management fell 89% to C$18 million. The bank said a higher provision for credit losses more than offset a C$35 million uptick in pre-provision earnings. 


  Revenue was C$4.58 billion, compared with C$4.54 billion. Analysts were targeting C$4.74 billion. 


  Write to Dave Sebastian at dave.sebastian@wsj.com