CIBC today reported its second-quarter profit slipped 13% as the bank took a $75 million provision related to a case of hedge fund market timing under investigation in the United States.

CIBC said its second quarter net income for the quarter was $440 million, or $1.20 per share diluted, down from $507 million, or $1.33 per share, in the year-before period.

The after-tax provision accounted for 21¢ per share.

“CIBC’s second-quarter results reflect the commitment to our key priorities of delivering what matters to our clients, enhancing productivity and prudently managing our risk profile,” CEO John Hunkin said in a release.

CIBC’s total revenue for the period ended April 30 was $2.8 billion, down from $3.03 billion in the year-earlier period.