Article content

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 US$4.9 billion, said adjusted net income in retail and business banking – its biggest unit – grew 4 per cent to $648 million, helped by volume growth and higher fees.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or CIBC profit beats estimates on growth across units Back to video

However, on a reported basis net income fell 1 per cent to $647 million.

Net income at CIBC’s capital markets unit rose 16 per cent to $292 million, while its smaller wealth management business surged 36 per cent.

Overall net income, excluding one-off items and attributable to common shareholders, for the quarter ended April 30, rose to $1.06 billion compared with $947 million, a year earlier.

On a per share basis, the company earned $2.64 compared with analysts’ estimate of $2.57, according to Thomson Reuters.

© Thomson Reuters 2017