Canadian Imperial Bank of Commerce posted third-quarter earnings that topped analysts’ expectations Thursday, as the bank reported growth across all divisions, particularly in its U.S. business, Canadian retail banking and capital markets.

The bank reported net income of $2.4 billion for the three months ending July 31, up 15 per cent from the same period last year. Net earnings per share came in at $2.47.

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Adjusted net income, which removes the impact of nonrecurring items, increased 26 per cent to approximately $2.6 billion. Adjusted earnings per share were $2.73, up 26 per cent from the $2.16 reported a year ago and higher than analysts’ forecasts of $2.52 per share.

CIBC also declared a dividend of $1.07 per common share for the third quarter of 2026, unchanged from the previous quarter and up from $0.97 cents a year earlier.

“We continue to accelerate the execution of our strategy, driving another quarter of strong financial results including double-digit growth in net income and a higher return on equity compared to a year ago,” CIBC chief executive Harry Culham said in a release.

Higher equity trading and financing revenue in global markets and lower PCLs helped third-quarter net income in CIBC’s capital markets division increase 34 per cent to $722 million.

Earnings in its U.S. commercial banking and wealth management segment increased 23 per cent to $320 million on higher revenue and lower PCLs.

Canadian personal and business banking net income grew 17 per cent year-over-year to $948 million, driven by higher revenue and partially offset by higher non-interest expenses and higher PCLs.

Return on equity, a key measure of profitability, increased to 15.2 per cent from 14.2 per cent a year earlier. The bank’s adjusted ROE was 16.8 per cent, compared to 14.2 per cent a year ago.

CIBC’s provision for credit losses, the amount of money the bank set aside to cover loans that may potentially default, was $564 million, up slightly from $559 million a year earlier and down from $605 million in the second quarter of 2026.

Third-quarter earnings season for Canada’s Big Six banks wraps up Thursday with reports from CIBC, Royal Bank of Canada and Toronto-Dominion Bank. Earlier this week, Bank of Nova Scotia, Bank of Montreal and National Bank of Canada all reported results that exceeded analysts’ estimates.

More to come…

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