Canadian Imperial Bank of Commerce (CIBC) was the only ‘Big five’ Canadian bank to see its ratio of credit loss reserves to soured loans climb in the three months to July 31.
CIBC’s provisions for credit losses (PCL) ratio – calculated as total provisions divided by average impaired loans – stood at 0.29% at end-July, up from 0.24% the previous quarter, and five basis points higher year to year. As previously reported, CIBC swelled reserves over the quarter to meet higher expected losses from
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