CIBC reported a decline in second-quarter profit on Thursday, as the Canadian lender set aside higher provisions to prepare for soured loans due to a challenging economy.

Net income, excluding one-off items, came in at C$1.63 billion ($1.20 billion) or C$1.70 a share for the three months ended April 30, compared with C$1.65 billion or $1.77 a share a year earlier.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Rashmi Aich)