CIBC hikes dividend as profits almost triple to $911M - Action News
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CIBC hikes dividend as profits almost triple to $911M

Canadian Imperial Bank of Commerce says profits nearly tripled in the second quarter as its wholesale banking and wealth management divisions led growth.

Canadian Imperial Bank of Commercesays profits nearly tripled in the second quarter as its wholesale banking and wealth management divisions led growth.

The bank reported net income of $911 million, or $2.25 per share, compared to $306 million or 73 cents a year ago when the bank logged a $543-million impairment charge linked to a prolonged recession that affected its Caribbean banking subsidiary.

Adjusted net income, which filters out one-time items, was $2.28 per share, five cents better than analysts expected, according to a survey by Thomson Reuters.

CIBC's retail and business banking operations boosted net income by seven per cent to $583 million as revenue grew from more transactions and higher fees.

Wholesale banking net income increased 17 per cent to $250 million on higher revenue from commodities and foreign exchange trading. Wealth management net income grew 10 per cent to $129 million.

CIBC also increased its dividend by three cents to $1.09.