(Adds details, background)
May 25 Canadian Imperial Bank of Commerce
, Canada's fifth-biggest lender, reported a
better-than-expected second-quarter profit, helped by growth
across its businesses.
The company, which is in the process of buying U.S.-based
PrivateBancorp for $4.9 billion, said adjusted net
income in retail and business banking - its biggest unit - grew
4 percent to C$648 million ($482.43 million), helped by volume
growth and higher fees.
However, on a reported basis net income fell 1 percent to
Net income at CIBC's capital markets unit rose 16 percent to
C$292 million, while its smaller wealth management business
surged 36 percent.
Overall net income, excluding one-off items and attributable
to common shareholders, for the quarter ended April 30, rose to
C$1.06 billion compared with C$947 million, a year earlier.
On a per share basis, the company earned C$2.64 compared
with analysts' estimate of C$2.57, according to Thomson Reuters
($1 = 1.3432 Canadian dollars)
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by