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Canadian Imperial Bank third quarter earnings top expectations on wider spreads, higher fees

Several business segments appear to be firing on all cylinders

paper bills
CIBC is the fifth largest lender in Canada. It is based in Toronto.

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.

Quick facts: Canadian Imperial Bank of Commerce (CIBC)

Price: 93.64 CAD

TSX:CM
Market: TSX
Market Cap: $41.68 billion
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