(Reuters) – Canadian Imperial Bank of Commerce on Thursday reported a slump in its fourth-quarter profit as the bank set aside larger provisions to cover potential loan defaults.
The lender had an overall net profit of C$1.19 billion ($886.93 million), or C$1.26 per share, compared with C$1.44 billion, or C$1.54 per share, from the year before.
($1 = 1.3417 Canadian dollars)
(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)
