CIBC's profit triples

Thu May 28, 2015 5:52am EDT
 
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May 28 (Reuters) - Canadian Imperial Bank of Commerce's quarterly profit more than tripled, boosted by a buoyant Canadian capital market and after a charge in its Caribbean unit a year ago.

The country's fifth-largest lender's net income attributable to common shareholders rose to C$895 million ($717.2 million), or C$2.25 per share, in the second quarter ended April 30 from C$292 million, or 73 Canadian cents per share, a year earlier.

On an adjusted basis, net income attributable to shareholders rose to C$2.28 per share from C$2.17.

CIBC took an impairment charge of C$420 million and C$123 million in incremental loan losses in its Caribbean unit in the year-ago quarter due to weak economic conditions in the region. ($1 = C$1.2479) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Joyjeet Das)