Canadian Imperial Bank of Commerce CM-T reported a rise in third-quarter profit on Thursday, driven by robust performance in its capital markets division.

An uncertain economic backdrop, marked by sluggish economic growth and questions over the path of interest rates, has prompted investors to rejig their portfolios, driving trading volumes higher.

CIBC said provision for credit losses (PCLs) was $559-million in the quarter, up $76-million from a year earlier, but lower than analysts’ estimates of $575.7-million according to data compiled by LSEG.

Improving outlook for tariff impact clouded by coming USMCA negotiations, bank CEOs say

Improving credit conditions and tariff exemptions on most Canadian exports to the United States under the United States–Mexico–Canada Agreement (USMCA)

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