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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-24 C$ 64.66
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FP says BMO, rivals hear Bank of Canada losing money

2022-11-25 09:01 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Financial Post reports in its Friday, Nov. 25, edition that Bank of Canada Governor Tiff Macklem has acknowledged that the central bank is on track to lose money for the first time in its history. The Post's Stephanie Hughes writes that Mr. Macklem said the Bank of Canada's net interest income -- the difference between interest revenue from assets and its cost of servicing liabilities -- will soon turn negative, if it has not already. Mr. Macklem insisted, however, that the dynamic would not shake the BOC's ability to conduct monetary policy and its decisions would be guided by its price and financial stability mandates. Mr. Macklem said in opening remarks to the House finance committee on Wednesday: "After a period of above-average income, our net interest income is now turning negative. Following a period of losses, the Bank of Canada will return to positive net earnings. The size and duration of the losses will ultimately depend on a number of factors, including the path of interest rates and the evolution of both the economy and the balance sheet." He noted the balance sheet peaked in March, 2021, at $575-billion, and as of last week, had dropped to $415-billion -- a decline of 28 per cent.

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