Canadian Imperial Bank of Commerce posted fiscal second-quarter profit that beat analysts’ estimates, led by gains in wholesale banking and wealth management. The bank raised its dividend by 2.8 percent to C$1.09 a share.
Net income for the period ended April 30 was C$911 million ($730 million), or C$2.25 a share, compared with C$306 million, or 73 cents, a year earlier, when CIBC took C$543 million in impairment charges and loan losses tied to Caribbean banking, the Toronto-based bank said Thursday in a statement. Profit excluding some items was C$2.28 a share, compared with the C$2.23 average estimate of 16 analysts surveyed by Bloomberg.
“We delivered strong results in the second quarter across all business lines,” Chief Executive Officer Victor Dodig, 50, said in the statement.
Earnings from retail and business banking climbed 6.8 percent to C$583 million from a year earlier. Wealth-management profit increased 10 percent to C$129 million. Wholesale banking earnings rose 17 percent to C$250 million.
Royal Bank of Canada, the country’s largest lender by assets, and Toronto-Dominion Bank, the No. 2 lender, also report results Thursday.