CIBC second-quarter profit beats estimates on growth across units
(Reuters) - Canadian Imperial Bank of Commerce (Toronto:CM.TO - News), 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 (NasdaqGS:PVTB - News) for $4.9 billion, said adjusted net income in retail and business banking - its biggest unit - grew 4 percent to C$648 million ($482.43 million), helped by volume growth and higher fees.
However, on a reported basis net income fell 1 percent to C$647 million.
Net income at CIBC's capital markets unit rose 16 percent to C$292 million, while its smaller wealth management business surged 36 percent.
Overall net income, excluding one-off items and attributable to common shareholders, for the quarter ended April 30, rose to C$1.06 billion compared with C$947 million, a year earlier.
On a per share basis, the company earned C$2.64 compared with analysts' estimate of C$2.57, according to Thomson Reuters I/B/E/S.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur)
