CIBC third-quarter profit tops estimates, dividend raised
TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO: Quote) reported a higher third-quarter profit that topped market estimates on Thursday, helped by growth in its retail and wealth management businesses, and raised its quarterly dividend.
Gross impaired loans in its oil-and-gas portfolio increased 36 percent to C$34 million, from C$25 million in the second quarter. There were none in the year-earlier period.
Net income in the quarter ended July 31 was C$978 million, or C$2.42 cents per share, compared with C$921 million, or C$2.26 per share, a year ago.
Excluding extraordinary items, its profit rose to C$2.45 per share.
Analysts on average had expected earnings of C$2.31 a share, according to Thomson Reuters I/B/E/S.
Among segments, retail and business banking earnings climbed 8 percent, and wealth management profit jumped 16 percent.
The wealth management segment benefited from higher assets under management.
(Reporting by John Tilak Editing by W Simon)
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