CIBC 1st-quarter profit rises, explores sale of broker mortgage unit

Thu Mar 8, 2012 6:19am EST
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(Reuters) - Canadian Imperial Bank of Commerce's (CM.TO: Quote) first-quarter profit rose 9 percent, helped by growth across its segments, and the company said it plans a potential sale of its broker mortgage unit, FirstLine.

Canada's No. 5 bank, commonly known as CIBC, earned C$835 million ($833.13 million), or C$1.93 a share, compared with C$763 million, or C$1.80 a share, a year ago.

Excluding items, the bank earned C$1.97 a share.

Analysts on average had expected a profit of C$1.93 a share, according to Thomson Reuters I/B/E/S. ($1 = 1.0023 Canadian dollars) (Reporting by Aftab Ahmed in Bangalore and Cameron French in Toronto; Editing by Sriraj Kalluvila)