CORRECTED-Canadian lender CIBC's quarterly profit rises

Thu May 26, 2016 9:07am EDT
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(Corrects paragraph 2 to clarify that figures are for net income attributable to common shareholders)

May 26 (Reuters) - Canadian Imperial Bank of Commerce reported a 3.5 percent rise in quarterly profit, helped by growth in its retail and business banking division.

Net income attributable to common shareholders rose to C$926 million, or C$2.35 per share in the second quarter ended April 30, from C$895 million, or C$2.25 per share, a year earlier.

Excluding an item, the bank set aside C$284 million to cover bad loans, 44 percent higher than a year earlier, mainly due to bigger losses in the oil and gas sector and higher write-offs and bankruptcies in the card and personal lending portfolios. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Anupama Dwivedi)