CIBC profit climbs 6 percent on loan growth

Thu Aug 29, 2013 5:51am EDT
 
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TORONTO (Reuters) - Canadian Imperial Bank of Commerce's (CM.TO: Quote) third-quarter profit rose 6 percent, driven by stronger retail banking and wealth management income, Canada's fifth-largest bank said on Thursday.

The Toronto-based lender earned C$890 million ($848.75 million), or C$2.16 a share, in the fiscal third quarter ended July 31. That compared with a profit of C$841 million, or C$2.00 a share, in the year-before period.

Excluding items including a C$28 million loss related to flooding in the province of Alberta over the summer, the bank earned C$2.29 a share. Analysts on average had expected C$2.15 a share, according to Thomson Reuters I/B/E/S. ($1 = 1.0486 Canadian dollars)

(Reporting by Cameron French Editing by W Simon)

 
A pedestrian walks past a CIBC branch in Montreal, February 25, 2010. REUTERS/Christinne Muschi