Canadian Imperial Bank of Commerce CM 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.
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