Canadian Imperial Bank of Commerce (NYSE:CM; CM.TO), Canada’s fifth-biggest lender, reported a 13 per cent rise in first-quarter earnings buoyed by growth in its retail, wealth management and capital markets businesses.
BNN.ca
Net income, excluding one-off items, for the quarter ended Jan. 31 rose to $1.17 billion, or $2.89 per share. Analysts on average had forecast earnings of  $2.59 per share, according to Thomson Reuters I/B/E/S. [All figures are in Canadian dollars.]
The bank is also boosting its dividend 3 cents per share to $1.27.
“CIBC delivered strong performance across retail and business banking, wealth management and capital markets,” Chief Executive Victor Dodig said in a statement.
Its retail and business banking division made net income, before one-off items, of  $709 million, up from  $686 million a year earlier.
Its capital markets business reported net income of  $371 million, up from $244 million.
CIBC did not provide an update on its $3.8 billion offer for Chicago-based PrivateBancorp (PVTB.O). A shareholder vote on the takeover was delayed in December after some PrivateBancorp shareholders said they would reject the proposal.
