August 27, 2015 / 10:46 AM / in 2 years

CIBC third-quarter profit tops estimates, dividend raised

TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) reported a higher third-quarter profit that topped market estimates on Thursday, helped by growth in its retail and wealth management businesses, and raised its quarterly dividend.

Pedestrians use the CIBC ATM machines in Montreal, April 24, 2014. REUTERS/Christinne Muschi

Gross impaired loans in its oil-and-gas portfolio increased 36 percent to C$34 million, from C$25 million in the second quarter. There were none in the year-earlier period.

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 extraordinary items, its profit rose to C$2.45 per share.

Analysts on average had expected earnings of C$2.31 a share, according to Thomson Reuters I/B/E/S.

Among segments, retail and business banking earnings climbed 8 percent, and wealth management profit jumped 16 percent.

The wealth management segment benefited from higher assets under management.

Reporting by John Tilak Editing by W Simon

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