TORONTO (Reuters) - Canadian Imperial Bank of Commerce CM.TO reported a 13 percent increase in quarterly earnings, driven by higher income from its wholesale banking and wealth management businesses.
CIBC, Canada’s fifth-largest bank, said on Thursday that it had earned C$852 million ($858.05 million), or C$2.02 a share, in the fourth quarter ended on October 31, compared with C$757 million, or C$1.79 a share, a year earlier.
Excluding certain items, the bank earned C$2.04 a share, ahead of the analysts’ average estimate of C$1.98, according to Thomson Reuters I/B/E/S.
Toronto-based CIBC is the third of Canada’s “Big Five” banks to report fourth-quarter results.
Like peers Bank of Montreal BMO.TO and Royal Bank of Canada RY.TO, CIBC benefited from a sharp year-on-year rise in wholesale banking revenue as trading fees improved from the relatively weak year-earlier period.
Wholesale banking income, which includes trading and investment banking, rose 58 percent to C$193 million.
Income from domestic retail banking, CIBC’s largest division, fell 5 percent to C$569 million, while wealth management income rose 20 percent to C$84 million.
Reporting by Cameron French; Editing by Lisa Von Ahn