(Adds share prices, comment from CIBC analyst call, context)
By Nichola Saminather
TORONTO, Aug 26 (Reuters) – Toronto-Dominion Bank (TD) and Canadian Imperial Bank of Commerce (CIBC) closed out Canadian lenders’ third-quarter results reporting with better-than-expected profits on Thursday, driven mostly by releases of reserves to cover bad loans, but CIBC’s strong loan growth from a year earlier eluded TD.
CIBC’s loan balances climbed 8% as of July 31, while TD’s fell 0.5% from a year earlier, as declines in the latter’s U.S. lending offset strong loan growth in Canada. This contributed to flat revenues at TD, while CIBC’s rose