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Canadian Imperial Profit Rises 5.8% on Wealth Management Gains

Aug. 29 (Bloomberg) -- Canadian Imperial Bank of Commerce, the country’s fifth-largest lender by assets, said third-quarter profit rose 5.8 percent, lifted by its wealth-management unit.

Net income for the quarter ended July 31 climbed to C$890 million ($847 million), or C$2.16 a share, compared with C$841 million, or C$2, a year earlier, the Toronto-based company said today in a statement.

Adjusted profit excluding some items was C$2.29 a share, the bank said, beating the C$2.13 average estimate of 14 analysts surveyed by Bloomberg.

CIBC advanced 0.3 percent to C$80.44 in Toronto trading yesterday. The shares have climbed 0.6 percent this year, compared with a 5.7 percent rise in the Standard & Poor’s/TSX Financials Index of 45 Canadian companies over that same period.

CIBC is the fourth of the country’s biggest six banks to disclose quarterly results this week. Bank of Montreal, Bank of Nova Scotia, and National Bank of Canada each reported earnings that beat analyst estimates.

(CIBC will hold a conference call to discuss results at +1-416-340-2217 or +1-866-696-5910 passcode 3201624 starting at 8:30 a.m. Toronto time.)

To contact the reporters on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net; Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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