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08/12/2009 -
With the improvement of the economy, consumers' credit management is improving and Canadian businesses can soon expect more credit card processing activity, suggested the latest earnings report from Canadian Imperial Bank of Commerce.CIBC reported that it lowered its provision for credit losses from $547 million in the third quarter to $424 million in the fourth quarter, a sign that Canadians are showing better credit management and that the economy is in fact recovering as many of the economic indicators are reporting that it is.
The Financial Post reports that while many major banks have lowered their credit provisions in the most recent quarter, this news is especially significant because CIBC has such a large portfolio - one of the largest in Canada - of credit card loans.
Other indications that credit card processing may pick up can be seen in the larger-than-expected increase in employment - the economy added 79,000 jobs in November - and the 0.1 percent increase in real gross domestic product in the third quarter, driven primarily by strong domestic demand and consumer spending.
