Jump in profits beats expectations as revenue also rises.

CIBC reported a jump in profits that beat analyst expectations as its outgoing chief executive said thebankis well positioned to weather macroeconomic volatility ahead.

“We’re moving ourbankforward, even as the operating environment remains uncertain,” Victor Dodig told analysts Thursday during his final quarterly conference call before he retires.

“Global trade tensions may result in slower growth and higher inflation in many countries, including Canada and the United States. However, we anticipate that declining interest rates will help support economic growth, while fiscal policy will offer targeted relief to the sectors most affected by trade negotiations.”

Dodig is set to leave the top job on Oct. 31 after more than a decade, handing the reins to current chief operating officer Harry Culham. The transition is taking place against the backdrop of rising geopolitical and trade tensions, with uncertainty swirling around U.S. President Donald Trump’s tariff policies.

“As the global trade environment becomes clearer, we expect increased client activity and we remain well positioned to capture emerging opportunities through our diversified platform,” Dodig said.

“And regardless of what the macroeconomic environment serves up, we’re going to continue to execute against our strategy. We’re going to continue to support our clients. We’re going to continue to control what we control and position CIBC for continued strength.”

The bank reported a third-quarter profit of $2.1 billion, up from $1.8 billion in the same quarter last year.

That amounted to $2.15 per share for the quarter ending July 31, up from $1.82 per share last year.

Revenue totalled $7.25 billion, up from $6.6 billion.

The bank’s provisions for credit loss totalled $559 million, up from $483 million last year.

On an adjusted basis, CIBC says it earned $2.16 per share, up from $1.93 per share last year.

Analysts on average had expected earnings of $2.00 per share, according to LSEG Data & Analytics.

The bank’s personal and business banking segment reported a net income of $812 million in the third quarter, up $119 million or 17% from a year earlier.

Its Canadian commercial banking and wealth management segment reported a net income of $598 million, up $97 million or 19% from last year. The increase was primarily driven by higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses.

Capital markets profit was up a whopping 87% or $251 million to $540 million.

Meanwhile, its U.S. commercial banking and wealth management business reported a net income of $254 million, up $38 million or 17% from a year ago.

As of July 31, the bank had $4 trillion in assets under administration and $403 million in assets under management across all business segments.