TORONTO, (Reuters) – The Canadian Imperial Bank of Commerce’s quarterly profit estimates were not met by analysts on Thursday. This was due to lower investments in investment banking and higher credit losses.

In the three-month period ending April 30, net income, excluding one-off items, was C$1.65billion, or C$$1.77. This compares with C$1.67billion, or C$1.79, a year ago. According to Refinitiv’s IBES data, analysts had predicted C$1.78 per share.

Canada’s fifth-largest lender earned an overall profit C$1.52 billion (or C$1.62 per Share) compared to C$1.65 trillion or C$1.78 in the previous year.