Canadian Imperial Bank of Commerce CM 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.
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