February 24, 2011 / 11:14 AM / 7 years ago

UPDATE 1-CIBC Q1 profit up on retail markets business

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Feb 24 - Canadian Imperial Bank of Commerce posted a 23 percent rise in first-quarter profit, helped by strength at its retail markets and wholesale banking businesses.

For the quarter ended Jan.31, Canada’s No.5 bank earned C$799 million, or C$1.92 a share, compared with C$652 million, or C$1.58 a share, a year ago.

Analysts on average had expected a profit of C$1.77 a share, according to Thomson Reuters I/B/E/S.

Net interest income was C$1.6 million, compared with C$1.5 million, a year ago. (Reporting by Bhaswati Mukhopadhyay in Bangalore;Editing by Vyas Mohan)

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