The banking giant’s earnings of $1.19 billion ($1.26 per share) in Q4 were down from $1.44 billion ($1.54 per share) the same time last year, with its full-year profit also lower than last year (3%) at $6.2 billion.

Earnings of $1.39 per diluted share in the fourth quarter were down from $1.68 last year, and below the estimate of $1.72 listed by financial markets data firm Refinitiv.

Larger expenses and $436 million in provisions for credit losses were announced in the bank’s fourth-quarter earnings statement, with its Canadian personal and small business banking segment posting a 21% year-over-year decline and Canadian commercial and wealth profits rising slightly.

CIBC president and CEO Victor Dodig said in accompanying remarks that the company had achieved a “solid” financial performance in 2022, with “strong momentum” across the bank throughout the year.

“Our bank is well-diversified and resilient, and our proven ability to navigate in an uncertain operating environment will enable us to continue to deliver value to our stakeholders and contribute meaningfully to a more sustainable future,” he said.