August 25, 2016 / 10:12 AM / 2 years ago

CIBC's profit rises 47 percent

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

(Reuters) - Canadian Imperial Bank of Commerce (CM.TO), Canada’s fifth-biggest lender, reported a 47 percent rise in third-quarter profit, helped by growth in its retail and business banking as well as capital markets units.

The bank’s total net income rose to C$1.44 billion ($1.12 billion), or C$3.61 per share, in the quarter ended July 31, from C$978 million, or C$2.42 cents per share, a year earlier.

CIBC said net income from its retail and business banking division rose 6 percent to C$666 million, helped by higher volumes and fees.

Net income from the company’s capital markets unit rose 15 percent to C$304 million on higher revenue from interest rate and equity derivatives trading.

CIBC has been expanding in the United States to help offset slow growth in its domestic market and said in June it would buy Chicago-based PrivateBancorp PVTB.O in a $3.8 billion cash-and-share deal, its biggest ever acquisition.

Since announcing the deal, CIBC’s shares had risen nearly 1.5 percent up to Wednesday’s close on the Toronto Stock Exchange.

Reporting by Matt Scuffham and Anet Joslin Pinto; Editing by Savio D'Souza

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