* Q2 EPS C$1.60 Vs C$1.59 a yr ago
* Q2 cash earnings excluding one-time items C$1.75/shr (Adds details on results, CEO comment, analysts’ estimate)
TORONTO, May 26 (Reuters) - CIBC’s (CM.TO) quarterly profit rose 3 percent on the back of increased lending and lower provisions for loan losses, the bank said on Thursday.
Net income in the second quarter ended April 30 rose to C$678 million, or C$1.60 a share, from C$660 million, or C$1.59 a share, a year earlier.
The Toronto-based company said its adjusted cash earnings, which exclude a loss from its structured credit run-off unit, were C$1.75 a share.
Analysts on average had forecast earnings of C$1.80 a share, according to Thomson Reuters I/B/E/S.
The bank said its provisions for bad loans fell to C$194 million from C$316 million a year earlier.
“CIBC delivered solid results this quarter across our core businesses in retail markets and wholesale banking,” Chief Executive Officer Gerry McCaughey said in a statement.
Bank of Montreal (BMO.TO), kicked off the earnings-reporting season for Canadian banks on Wednesday. Its quarterly profit topped investors’ expectations, driven largely by growth in its Canadian lending portfolio and a drop in provisions for soured loans. [ID:nN24268837]
Royal Bank of Canada (RY.TO), the largest of Canada’s big six, reports on Friday, while Bank of Nova Scotia (BNS.TO) the last to report, comes next Tuesday. [ID:nN2043497] (Reporting by Euan Rocha; Editing by Lisa Von Ahn)