CIBC profit jumps 9% from year earlier

Canadian Imperial Bank of Commerce says its latest quarterly profits rose to $835 million in the latest quarter. That's upnine per cent from a $763 million from a year earlier.

CIBC benefited from stronger results in its retail and commercial banking businesses.

The bank also formally announced itslooking to sell its mortgage broker unit, FirstLine. CIBC says selling the unitwould drive more mortgage business inside its branches, which should increasing profit margins.

On a per share basis, CIBC earned $1.93 per share in the quarter. Excluding one-time items, per share profit was $1.97, beating analyst expectations.

Revenue rose two per cent during the quarter to $3.16 billion.

The bankis keeping its dividend steady at 90 cents.

CIBC has more than 41,000 employees across its operations including retail and wholesale banking and financial services, serving more than 11 million customers.