UPDATE: CIBC Reports 26% Surge In Q3 Profit, Lifts Dividend

Canadian Imperial Bank of Commerce (NYSE: CM) reported a 26% rise in its third-quarter profit and lifted its quarterly dividend for the first time in four years.

CIBC's net income for the period climbed to C$808 million, or C$1.89 per share, from C$640 million, or C$1.53 per share, in the year-ago period. Adjusted for one-time items, CIBC's cash earnings came in at C$1.91 per share, versus analysts' estimates of C$1.81 per share. Its revenue climbed 3% to C$2 billion.

CIBC raised its quarterly dividend to 90 Canadian cents from 87 Canadian cents.

CIBC's net interest income surged 3.8% to C$1.61 billion. Its non-interest income climbed 11% to C$1.45 billion.

CIBC shares gained 1.37% to close at $74.70 yesterday.