CIBC quarterly profit rises 8 percent

Thu May 30, 2013 6:06am EDT
 
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TORONTO May 30 (Reuters) - Canadian Imperial Bank of Commerce reported an 8 percent rise in quarterly profit on Thursday, due largely to lower provisions for bad loans and higher wholesale banking income.

The bank, Canada's fifth-largest, also increased its quarterly dividend by 2 Canadian cents per share, to 96 Canadian cents.

CIBC said it earned C$876 million ($842.63 million), or C$2.12 per share, in the second quarter ended on April 30, up from C$811 million, or C$1.90 per share, a year earlier.

Analysts on average had expected a profit of C$2.08 a share, according to Thomson Reuters I/B/E/S.

Wholesale banking income, which includes trading, investment banking, and corporate lending, rose 51 percent to C$198 million.

Retail banking income rose 9 percent to C$604 million, largely because of lower provisions for bad loans.

Provisions across the bank's business lines fell to C$265 million from C$308 million.