December 1, 2011 / 11:24 AM / 6 years ago

UPDATE 1-CIBC profit jumps 59 pct on wholesale banking

TORONTO, Dec 1 (Reuters) - Canadian Imperial Bank of Commerce’s (CM.TO) fourth-quarter profit rose 59 percent due mainly to higher wholesale banking income, it said on Thursday.

    Canada’s No. 5 bank earned a net C$794 million ($778 million) or C$1.89 a share, in the quarter ended Oct. 31. That compared with a year-before profit of C$500 million, or C$1.17 a share.

    Excluding one-time items, the bank earned C$1.87 a share, it said. Analysts had expected, on average, a profit of C$1.81 per share, according to Thomson Reuters I/B/E/S.

    $1=$1.02 Canadian Reporting by Cameron French

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