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Economic boost coming in the back half of 2021, if vaccination stays effective: CIBC
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A CIBC sign is shown in the financial district in Toronto on August 22, 2017. THE CANADIAN PRESS/Nathan Denette
TORONTO – 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.
“Our neighbours to the south…are enjoying an economic boost that we have yet to fully experience here in Canada,” Victor Dodig told analysts on a Thursday call.
“That’s a tailwind we can look forward to in the second half of this year.”
That s a tailwind we can look forward to in the second half of this year.
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.
Dodig s 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.
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