UPDATE: CIBC Posts Upbeat Q2 Profit, Lifts Dividend

Canadian Imperial Bank of Commerce

reported a drop in its second-quarter profit and lifted its dividend by 2%. CIBC's quarterly earnings declined to C$306 million ($281.68 million), or 73 Canadian cents per share, versus a year-ago profit of C$862 million, or C$2.09 per share. Excluding certain items, it earned C$2.17 per share, versus analysts' estimates of C$2.07 per share. The bank's wealth management income surged 29% y/y to C$117 million, while wholesale banking income declined 19% to C$213 million. Profit at its Canadian retail and business bank slipped 5% to C$546 million. CIBC also lifted its quarterly dividend to C$1.00 per share. The company's press release offered the following comment from Gerald T. McCaughey, CIBC President and Chief Executive Officer: "In the quarter, CIBC's core businesses delivered solid results, reflecting our strong focus on clients." CIBC shares gained 0.09% to close at $91.10 yesterday.