TORONTO (Reuters) - Canadian Imperial Bank of Commerce reported a 13 percent increase in quarterly earnings, driven by higher income from its wholesale banking and wealth management businesses.
CIBC, Canada's fifth-largest bank, said on Thursday that it had earned C$852 million ($858.05 million), or C$2.02 a share, in the fourth quarter ended on October 31, compared with C$757 million, or C$1.79 a share, a year earlier.
Excluding certain items, the bank earned C$2.04 a share, ahead of the analysts' average estimate of C$1.98, according to Thomson Reuters I/B/E/S.
Toronto-based CIBC is the third of Canada's "Big Five" banks to report fourth-quarter results.
Like peers Bank of Montreal and Royal Bank of Canada , CIBC benefited from a sharp year-on-year rise in wholesale banking revenue as trading fees improved from the relatively weak year-earlier period.
Wholesale banking income, which includes trading and investment banking, rose 58 percent to C$193 million.
Income from domestic retail banking, CIBC's largest division, fell 5 percent to C$569 million, while wealth management income rose 20 percent to C$84 million.
(Reporting by Cameron French; Editing by Lisa Von Ahn)
Explore Related Content
1 - 4 of 20
prevnext
* Go to page 1
* Go to page 2
* Go to page 3
* Go to page 4
* Go to page 5
1.
A Bank of Montreal sign is pictured in downtown Ottawa
A Bank of Montreal sign is pictured …
2.
BMO profit rises on wholesale banking, better loans
BMO profit rises on wholesale banking, …
Reuters
3.
AkzoNobel's logo is seen in Amsterdam
AkzoNobel's logo is seen in Amsterd …
4.
Scotiabank profit rises 31 percent on wholesale banking
Scotiabank profit rises 31 percent on …
Reuters
CIBC profit rises on markets-related income
This article
CIBC profit rises on markets-related income
can be opened in url
http://newsbusinessss.blogspot.com/2012/12/cibc-profit-rises-on-markets-related.html
CIBC profit rises on markets-related income
