WRAPUP 2-Canadian banks' shares rise as profits top estimates
* Profits at Royal Bank, TD Bank, CIBC top estimates
* Domestic lending drives the profit beats
* Wholesale banking a weak spot
* TD, Royal Bank boost dividends
* Shares of all three banks rise, TD hits record high (Adds comments from TD CEO and from a fund manager, details on TD branch plans in the United States)
By Cameron French
TORONTO, Aug 29 (Reuters) - Three of Canada's biggest banks posted better than expected quarterly results on Thursday, pushing their shares higher as surprisingly strong retail lending and wealth-management income offset weakness in trading and investment banking.
Royal Bank of Canada and Toronto-Dominion Bank , the country's top two banks, both announced dividend hikes, while No. 5 lender Canadian Imperial Bank of Commerce said it would buy back as much as 2 percent of its stock over the next 12 months.
The results close out a financial third-quarter reporting season in which Canada's top six banks all exceeded market earnings estimates on the back of domestic lending profits that churned higher despite predictions that a cooling housing market would slow growth to a trickle. Continued...