23 May 2018

In fact, the bank’s Canadian mortgage book really didn’t show any increase from the previous three-months period reporting the same $203 billion in the second quarter.

“It’s quite a relief, in my opinion, as CIBC was the largest litmus test for the stricter lending rules on the mortgage side,” – said John Zechner, chairman and founder of J. Zechner Associates. “In case there could be any problem or possible issues concerning those numbers you would have seen it in CIBC.”

In the same time, CIBC’s U.S. division showed a 426% annual profit increase to $142 million, caused by the previous purchase of PrivateBancorp.