UPDATE: CIBC Posts Higher Q3 Profit

Canadian Imperial Bank of Commerce

reported a rise in its third-quarter profit. The Toronto, Canada-based company posted quarterly net income of C$921 million, or C$2.26 per share, versus a year-ago profit of C$878 million, or C$2.13 per share. Its adjusted earnings per share came in at C$2.23, versus analysts' estimates of C$2.21 per share. Its revenue for the quarter came in at C$3.41 billion, versus estimates of C$3.38 billion. CIBC's net income at its wholesale banking unit climbed 32% to C$282 million, while profit at its wealth management unit surged 19% to C$121 million. Profit at its retail and business banking unit dropped 4% to C$589 million. Its net interest income dropped $8 million versus the year-ago quarter, while non-interest income rose 9% y/y. "CIBC's solid results this quarter reflect the strength of our retail and wholesale banking franchises and strong wealth management platform," says Gerald T. McCaughey, CIBC President and Chief Executive Officer. CIBC shares gained 1.47% to close at $97.05 yesterday.