CIBC profit jumps; bank raises dividend

Thu Aug 30, 2012 9:47am EDT
 
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TORONTO (Reuters) - Canadian Imperial Bank of Commerce's (CM.TO: Quote) quarterly profit rose 42 percent, driven by higher lending volumes, Canada's No. 5 bank said on Thursday.

Net income was C$841 million ($850.83 million), or C$2.00 a share, in the fiscal third quarter ended July 31. That was up from a year-earlier profit of C$591 million, or C$1.33 a share.

The bank also raised its quarterly dividend by 4 Canadian cents to 94 Canadian cents a share.

The bank also said it had agreed to acquire Houston-based energy advisory firm Griffis & Small for an undisclosed price.

Excluding one-time items, the bank earned C$2.06 a share in the third quarter, it said. Analysts had expected C$1.96, according to Thomson Reuters I/B/E/S.

($1 = C$0.9885)

(Reporting By Cameron French; editing by John Wallace)