CIBC profit climbs 6%

The Canadian Press

Posted: May 31, 2012 8:38 AM ET

Last Updated: May 31, 2012 12:23 PM ET

CIBC says it earned $811 million of net income in the second quarter, up from $767 million in the comparable period last year. (Nathan Denette/Canadian Press)

CIBC is the latest Canadian bank to beat analyst profit estimates with its second-quarter earnings.

CIBC says it earned $811 million of net income in the second quarter, up from $767 million in the comparable period last year.

That amounted to $1.90 per diluted share of net income, or $2 per share on an adjusted basis.

On average, analysts were expecting $1.88 per share of adjusted earnings, according to figures compiled by Thomson Reuters.

CIBC's total revenue was just under $3.1 billion, including $2 billion from its core retail and business banking operations. Analysts had expected CIBC's overall revenue to be just over $3.1 billion.

"CIBC's solid results in the second quarter reflect our strong focus on our clients as well as our underlying business fundamentals," CIBC chief executive Gerry McCaughey said in the announcement.

"The investments we are making in our retail and business banking, wealth management and wholesale banking businesses are furthering our strength and positioning us well for the future."

CIBC's core business in retail and business banking provided $556 million of the net profit, up from $496 million in the second quarter of 2011.

CIBC's wealth management operations also showed a higher profit, which rose to $79 million from $73 million while net income from wholesale banking was flat.

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