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CIBC's 3-Year Streak of Outpacing Rivals on Mortgages Ends

CIBC's 3-Year Streak of Outpacing Rivals on Mortgages Ends

Mortgage balances rose 2.5 percent to C$208.5 billion ($160 billion) in the fiscal third quarter from a year earlier, the Toronto-based bank said Thursday in announcing earnings that beat analysts’ estimates. Royal Bank of Canada said this week that mortgage balances were 5.9 percent higher than a year earlier. CIBC executives said in May that domestic loan growth would “moderate” in the second half of the year, with Canadian banking head Christina Kramer estimating that it would fall to “low-single-digits” by year-end.