The chief executive of Canadian Imperial Bank of Commerce is expecting the country to soon experience an economic boost as more people become fully vaccinated against COVID-19.
91裸聊视频淥ur neighbours to the south91裸聊视频re enjoying an economic boost that we have yet to fully experience here in Canada,91裸聊视频� Victor Dodig told analysts on a Thursday call.
91裸聊视频淭hat91裸聊视频檚 a tailwind we can look forward to in the second half of this year.91裸聊视频�
If effective mass vaccination programs continue over the spring and summer, Dodig predicts a global rebound will also materialize in the latter half of the year with real GDP forecasts jumping by 5.7 per cent domestically and 6.6 per cent in the U.S.
Dodig91裸聊视频檚 remarks came as CIBC beat expectations and more than tripled its second-quarter profit compared with a year ago, when the pandemic was beginning.
CIBC earned $1.65 billion or $3.55 per diluted share in its second quarter, up from a profit of $392 million or 83 cents per share a year ago.
Canada91裸聊视频檚 vaccination rates have climbed as vaccine supply has improved and politicians and public health officials have unveiled reopening plans for several provinces.
91裸聊视频淲hile we91裸聊视频檙e not on the other side of this pandemic yet, there91裸聊视频檚 every reason to be optimistic,91裸聊视频� Dodig said.
When businesses are allowed to open their doors and welcome customers, Dodig believes it will have a big impact on the money many Canadians have managed to save while working from home and having fewer activities to spend on.
He predicted the country will see heightened credit card activity as stay-at-home orders are lifted.
While Laura Dottori-Attanasio, who leads CIBC91裸聊视频檚 personal and business banking, said purchase volumes are already edging towards pre-pandemic levels, she cautioned that spending on big-ticket items, transportation, travel and restaurants is still low.
91裸聊视频淚 do think it will take time for that part of the business to come back91裸聊视频o it does feel more like a 2022 event,91裸聊视频� she said.
CIBC91裸聊视频檚 profit for the quarter ended Apr. 30 came as its provisions for credit losses, the money set aside for bad loans, fell to $32 million compared with $1.41 billion in the same quarter last year at the onset of the pandemic.
Total revenue grew to $4.93 billion from $4.58 billion in the same quarter last year.
On an adjusted basis, CIBC earned nearly $1.67 billion or $3.59 per diluted share in its latest quarter, up from an adjusted profit of $441 million or 94 cents per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $3.01 per share, according to financial data firm Refinitiv.
The bank also noted that it achieved gender parity on its board during the quarter, and for the first time in the company91裸聊视频檚 154-year history had a woman in the chair position, Kate Stevenson.
Tara Deschamps, The Canadian Press
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