CIBC Revenue and Profit Rise
August 25 2016 - 7:50AM
Dow Jones News
Canadian Imperial Bank of Commerce said revenue and profit rose
in its latest quarter.
Chief Executive Victor Dodig said results in the quarter were
"broad based," driven by the Toronto-based bank's three units.
CIBC posted a net profit of 1.44 billion Canadian dollars ($1.1
billion), or C$3.61 a share, in its latest quarter. That is up from
C$962 million, or C$2.42 a share, a year prior.
In December, CIBC agreed to sell its stake in mutual-fund
manager American Century Investments to Nomura Holdings Inc. for
around $1 billion. That move added C$428 million in the
quarter.
Adjusted to exclude the gain and other items, CIBC said earnings
were C$2.67 a share, handily beating analyst views.
Revenue rose 18% to $4.14 billion.
Analysts polled by Thomson Reuters had expected profit of C$2.36
a share on revenue of $3.72 billion.
The bank's provision for credit losses totaled C$243 million,
down from C$324 million in the prior quarter but up from the C$189
in the prior year.
Net interest income rose 4.6% to $2.11 billion as fee-based
income jumped 35% to $2.02 billion.
Noninterest expenses rose 1.8% to $2.22.
In June, CIBC said it would acquire Chicago-based lender
PrivateBancorp Inc. for about $3.8 billion in cash and stock, in
the latest move by a big Canadian bank to bet on the U.S. market
for growth. The deal is expected to close in early 2017.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 25, 2016 07:35 ET (11:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Canadian Imperial Bank o... (TSX:CM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canadian Imperial Bank o... (TSX:CM)
Historical Stock Chart
From Apr 2023 to Apr 2024
