UPDATE: CIBC Posts Rise In Q1 Profit, Lifts Dividend

Canadian Imperial Bank of Commerce

reported a 50% gain in its Q1 profit. The bank's quarterly earnings surged to C$1.18 billion ($1.06 billion), or C$2.88 per share, from a year-ago profit of C$785 million, or 1.88 per share. Excluding special items, it earned C$2.31 per share, versus analysts' estimates of C$2.16 per share. Its wholesale banking income surged 26% to C$264 million. The bank also lifted its quarterly dividend to 98 Canadian cents per share. CIBC shares closed at $81.43 yesterday.