(Reuters) – Canadian Imperial Bank of Commerce on Thursday reported a fall in third-quarter earnings, as the lender set aside higher provisions to prepare for defaults arising from a slowdown in the economy.

Net income, excluding one-off items, stood at C$1.85 per share in the three months ended July 31, compared with C$1.96 per share a year earlier.

Canada’s fifth-largest lender reported an overall net profit of C$1.67 billion ($1.29 billion), or C$1.78 per share, compared to C$1.73 billion, or C$1.88 per share, in the year earlier.

($1 = 1.2908 Canadian dollars)

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel and Shinjini Ganguli)