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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Bank of Nova Scotia    BNS   CA0641491075

THE BANK OF NOVA SCOTIA

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CIBC profit beats estimates on lower bad loan provisions

12/03/2020 | 06:50am EST
FILE PHOTO: The CIBC logo is seen outside of a branch in Ottawa

(Reuters) - Canadian Imperial Bank of Commerce (CIBC) joined its rivals in reporting a better-than-expected profit for the fourth quarter on Thursday, as it set aside less money to cover potential bad loans arising from the COVID-19 pandemic.

Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Royal Bank of Canada all cut their provisions after three straight quarters of adding for credit losses.

CIBC set aside $291 million for the provisions in the fourth quarter ended Oct. 31, down 28% from a year earlier.

Net income fell 14% to C$1.02 billion ($788.80 million), as weakness at CIBC's U.S. commercial banking and wealth management businesses offset gains in its capital markets unit.

Canada's big 6 banks have reported strong results from their capital market businesses in the quarter, helped by increased volatility in markets due to the health crisis.

CIBC reported an adjusted diluted profit of C$2.79 per share, beating analysts' average expectation of C$2.52 per share, according to Refinitiv.

($1 = 1.2931 Canadian dollars)

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF COMMERCE HOLDINGS 0.10% 10.05 Delayed Quote.1.52%
BANK OF MONTREAL -1.36% 98.2 Delayed Quote.1.47%
CANADIAN IMPERIAL BANK OF COMMERCE -0.80% 111.69 Delayed Quote.2.73%
NATIONAL BANK OF CANADA 0.27% 73.71 Delayed Quote.2.89%
ROYAL BANK OF CANADA -0.21% 107.84 Delayed Quote.3.11%
THE BANK OF NOVA SCOTIA -0.84% 69.98 Delayed Quote.1.72%
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Financials
Sales 2021 30 269 M 23 832 M 23 832 M
Net income 2021 7 350 M 5 787 M 5 787 M
Net Debt 2021 - - -
P/E ratio 2021 11,6x
Yield 2021 5,14%
Capitalization 84 794 M 67 182 M 66 762 M
Capi. / Sales 2021 2,80x
Capi. / Sales 2022 2,67x
Nbr of Employees 92 001
Free-Float 100,0%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 69,25 CAD
Last Close Price 69,98 CAD
Spread / Highest target 10,0%
Spread / Average Target -1,04%
Spread / Lowest Target -18,5%
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Managers and Directors
NameTitle
Brian Johnston Porter President, CEO & Non-Independent Director
Aaron William Regent Chairman
Loretta Marcoccia Chief Operating Officer, EVP-Global Banking
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Michael Zerbs Group Head-Technology & Operations
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