Skip to main content
Canada’s most-awarded newsroom for a reason
Enjoy unlimited digital access
$1.99
per week
for 24 weeks
Canada’s most-awarded newsroom for a reason
$1.99
per week
for 24 weeks
// //

People walk past CIBC ATMs in Montreal, February 25, 2010.

CHRISTINNE MUSCHI/Reuters

Canadian Imperial Bank of Commerce raised its dividend as it announced that its second-quarter profit rose to $876-million, from $811-million a year ago.

The earnings amount to $2.12 per share, topping analysts' expectations, and compare to a profit of $1.90 per share in the same period of 2012. The dividend hike of two cents, to 96 cents per share, was expected by analysts.

The bank's core retail and business banking division saw its earnings rise 9 per cent to $604-million, helped by wider spreads and higher fees. The division's provision for soured loans declined 14 per cent, to $233-million, because the bank is seeing fewer bankruptcies among its credit card customers and is writing off less of those loans.

Story continues below advertisement

CIBC's wealth management group saw its earnings rise 16 per cent to $92-million, as the amount of client money that it is managing increased, thanks mostly to stronger mutual fund sales.

The wholesale or investment banking group reported earnings of $198-million this quarter.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies