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May 25, 2017

CIBC reports 11.4% rise in Q2 profit with growth across units

A Canadian Imperial Bank of Commerce sign is seen outside of a branch in Ottawa

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Canadian Imperial Bank of Commerce (CM.TO), Canada's fifth-biggest lender, reported a better-than-expected second-quarter profit, helped by growth across its businesses.

The company, which is in the process of buying U.S.-based PrivateBancorp (PVTB.O) for US$4.9 billion, said adjusted net income in retail and business banking - its biggest unit - grew 4 per cent to $648 million, helped by volume growth and higher fees.

However, on a reported basis net income fell 1 per cent to $647 million.

Net income at CIBC's capital markets unit rose 16 per cent to $292 million, while its smaller wealth management business surged 36 per cent.

Overall net income, excluding one-off items and attributable to common shareholders, for the quarter ended April 30, rose to $1.06 billion compared with $947 million, a year earlier.

On a per share basis, the company earned $2.64 compared with analysts' estimate of $2.57, according to Thomson Reuters I/B/E/S.