CIBC Profit Rises 50% on Retail and Investment Banking
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Canadian Imperial Bank of Commerce, the country’s fifth-biggest lender, posted profit that beat analysts’ estimates on lower loan losses, growth in wealth management and a gain from selling part of its credit-card arm.
Net income for the fiscal first quarter ended Jan. 31 climbed 50 percent to a record C$1.18 billion ($1.06 billion), or C$2.88 a share, the Toronto-based bank said today. Earnings excluding some items were C$2.31 a share, beating the C$2.14 average estimate of 12 analysts surveyed by Bloomberg News.