TORONTO: Canadian Imperial Bank of Commerce, Canada's fifth-biggest lender, reported a 13 percent rise in first-quarter earnings buoyed by growth in its retail, wealth management and capital markets businesses.
Net income, excluding one-off items, for the quarter ended Jan. 31 rose to C$1.17 billion ($889 million), or C$2.89 per share. Analysts on average had forecast earnings of C$2.59 per share, according to Thomson Reuters I/B/E/S.
"CIBC delivered strong performance across retail and business banking, wealth management and capital markets," Chief Executive Victor Dodig said in a statement.
Its retail and business banking division made net income, before one-off items, of C$709 million, up from C$686 million a year earlier.
Its capital markets business reported net income of C$371 million, up from C$244 million.
CIBC did not provide an update on its C$3.8 billion offer for Chicago-based PrivateBancorp. A shareholder vote on the takeover was delayed in December after some PrivateBancorp shareholders said they would reject the proposal.
Comments
Comments are closed.