How did CIB's Q3 2024 earnings compare to Q3 2023?

CIB's Q3 2024 earnings showed significant improvement compared to Q3 2023, primarily driven by robust revenue growth and lower provisions for credit losses.

1. **Revenue Growth**: CIB's revenue in Q3 2024 exceeded expectations, with a notable increase in earnings from its U.S. Commercial Banking and Wealth Management business, which more than doubled quarter-over-quarter. This growth was also supported by strong performance in its Canadian personal and business banking operations, contributing to a 17.4% year-on-year rise in non-interest income. In contrast, Q3 2023 earnings did not provide specific revenue details, making it difficult to compare revenue-based performance.
2. **Provisions for Credit Losses**: A significant drop in the provision for credit losses was observed in Q3 2024, which contributed to the improved earnings. This was a surprise as it fell more than expected. In Q3 2023, no specific information regarding provisions for credit losses was provided, making a direct comparison challenging.
3. **Overall Profitability**: CIB's Q3 2024 earnings clearly surpassed market expectations, as evidenced by the beat in earnings expectations due to stronger-than-expected revenue and lower provisions for credit losses. In Q3 2023, earnings did not exceed expectations, indicating lower profitability compared to 2024.

In summary, CIB's Q3 2024 earnings demonstrated substantial improvements in revenue and profitability compared to Q3 2023, primarily due to the enhanced performance of its U.S. business and lower credit provisions.