CIBC’s net income up nearly 25%

CIBC

CIBC reported better-than-expected results for its second quarter with a nearly 25 per cent increase in net income compared with a year ago.

The lender reported a profit attributable to common shareholders of $1.29 billion or $2.89 per diluted share for the quarter ended April 30, up from $1.04 billion or $2.59 per diluted share a year ago.

On an adjusted basis, the bank said it earned $1.32 billion or $2.95 per diluted share for the quarter ended April 30, up from $1.06 billion or $2.64 a year earlier.

Analysts had expected a profit of $2.81 per share or according to Thomson Reuters Eikon.

CIBC chief executive Victor Dodig said each of its units performed well during the quarter.

The lender's Canadian personal and small business banking division reported a 16 per cent increase in net income to $584 million, while its U.S commercial banking and wealth management arm saw net income climb 431 per cent year-over-year to $138 million.

"In the second quarter, each of our business units performed well," Dodig said in a statement.

"We delivered robust earnings growth with continued progress on our strategy to build a relationship-oriented bank for a modern world with high quality, diversified earnings growth and disciplined expense and capital management."