CIBC Posts 8% Rise In Q2 Profit, Raises Dividend

Canadian Imperial Bank of Commerce

reported an 8% increase in its second quarter profit. CIBC lifted its quarterly dividend by 2 Canadian cents a share to 96 Canadian cents a share. CIBC's quarterly earnings surged to C$876 million ($842.63 million), or C$2.12 per share, from C$811 million, or C$1.90 per share, in the year-ago period. However, analysts were estimating a profit of C$2.08 per share. Its wholesale banking income surged 51% to C$198 million, while retail banking income increased 9% to C$604 million. CIBC shares closed at $77.64 yesterday.