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Company News

BUZZ-Canada's CIBC falls after profit misses due to slowing loan growth

** Shares of Canadian Imperial Bank of Commerce fall 3.5% to $108.2 in morning trade after Q2 results

** The fifth-largest Canadian lender missed profit estimates for the third straight quarter on Wednesday

** Weak loan growth and higher loan loss provisions in retail banking more than offset gains in capital markets business

** The bank reported adj. EPS of C$2.97 per share, which missed analysts’ estimate of C$2.99 per share, according to Refinitiv IBES data

** 7 of 15 brokerages rate the stock “buy” or higher, 6 “hold” and 2 “sell” or lower; their median PT is $124

** Including session losses, stock down 26% YTD

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