CIBC posts decline in first-quarter profit
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Feb 29 (Reuters) - Canadian Imperial Bank of Commerce reported a decline in first-quarter profit on Thursday, as the country's weakening economy prompted it to set aside higher provisions for potential bad debts.
The country's fifth largest lender reported an adjusted net income of C$1.77 billion ($1.30 billion), or C$1.81 per share, for the three months ended Jan. 31, compared with C$1.84 billion, or C$1.94 per share, a year earlier. ($1 = 1.3586 Canadian dollars) (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli)
