Canadian Imperial Bank of Commerce, Canada's fifth-largest bank, said first-quarter profits more than quadrupled from a year earlier after it reversed losses from trading.
Net income for the period ended Jan. 31 was C$652 million ($615 million), the Toronto company said Thursday. That compared with C$147 million ($138.7 million) a year earlier, when writedowns pared earnings. Revenue rose 51%, to C$3.06 billion ($2.89 billion).
CIBC is the first Canadian bank to report results for the period. Canada's six biggest banks may post a 5.9% drop in earnings before one-time items compared with a year earlier, according to Barclays Capital analyst John Aiken.
"The bulk of the challenges for Canadian banks are abating," Aiken said before the earnings were released. "It's now just trying to manage your businesses as best you can."