Canadian Imperial Bank of Commerce (TSX:CM) (NYSE:CM) reported a beat on both third quarter earnings per share and net income as wider spreads, higher fees and growth in business volume bolstered the bank's fortunes.
The Toronto-based bank said adjusted earnings per share was at C$3.08, up from C$2.77 in the same period last year. Third quarter net income for personal and small business banking went up 14% from the same period last year to C$639mln.
Commercial banking and wealth management reported net income up in the quarter by 20% to C$350mln. US commercial banking and wealth management saw net income rise 295% to C$121mln. Capital markets net income for the bank rise 5% to C$265mln.
Shares of CIBC in Toronto was up 0.12% in early trade to C$121.73. Its 52-week high was at C$124.37.
CIBC is the fifth-largest lender in Canada.