CIBC Q3 Profit Increases 6%

Canadian Imperial Bank of Commerce CM reported a 6% rise in its third-quarter profit. The bank's quarterly earnings surged to C$890 million ($848.75 million), or C$2.16 per share, from C$841 million, or C$2.00 per share, in the year-ago period. Excluding one-time items, it earned C$2.29 per share, versus analysts' estimates of C$2.15 per share. CIBC shares closed at $76.81 yesterday.