CIBC profit tops estimates, dividend raised

Thu Aug 27, 2015 6:34am EDT
 
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TORONTO Aug 27 (Reuters) - Canadian Imperial Bank of Commerce reported a higher third-quarter profit that topped market estimates on Thursday, helped by growth in its retail and wealth management businesses.

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 items, its profit rose to C$2.45.

Analysts on average had expected earnings of C$2.31 a share, according to Thomson Reuters I/B/E/S. (Reporting by John Tilak Editing by W Simon)