November 30, 2017 / 11:15 AM / a year ago

Canada's CIBC reports earnings ahead of market expectations

FILE PHOTO: A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada on May 26, 2016. REUTERS/Chris Wattie/File Photo

TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) reported fourth-quarter earnings which were ahead of market expectations, helped by strong growth in its Canadian commercial banking and wealth management business.

Canada’s fifth-biggest lender said earnings per share, excluding one-off items, increased to C$2.81 from C$2.60 a year ago. Analysts had, on average, forecast earnings of C$2.59, Thomson Reuters I/B/E/S data showed.

Earnings per share, including one-off items, rose to C$2.59, from C$2.32 a year ago.

(This version of the story corrects lede to say results were ahead of, not in line with, expectations)

Reporting by Matt Scuffham; editing by Jason Neely

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