Canadian lender CIBC's profit beats estimates

Thu Feb 26, 2015 6:08am EST
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Feb 26 (Reuters) - Canadian Imperial Bank of Commerce reported better-than-expected first-quarter earnings on Thursday, helped by strong profit growth at its wholesale banking business.

Excluding items, Canada's fifth-largest lender earned C$2.36 per share in the quarter ended Jan. 31, topping analysts' average estimate of C$2.27, according to Thomson Reuters I/B/E/S.

The bank said its net income fell to C$923 million ($743.7 million), or C$2.28 per share, from C$1.18 billion, or C$2.88 per share, a year earlier. ($1 = C$1.2411) (Reporting by Ashutosh Pandey in Bengaluru; Editing by Savio D'Souza)