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Canadian Imperial Bank of Commerce said its fiscal third-quarter profit rose 47 per cent, boosted by a $383 million gain from selling its minority stake in U.S. money manager American Century Investments.

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Analysis: The big banks would not be immune to a steep drop in prices, something that seems within the realm of possibility given early indications of cooling in Vancouver.





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Net income for the period ended July 31 rose to $1.44 billion, or $3.61 a share, from $978 million, or $2.42, a year earlier, the Toronto-based bank said Thursday in a statement. Profit excluding some items was $2.67 a share, beating the $2.34 average estimate of 14 analysts surveyed by Bloomberg.

“Our strong results this quarter were broad-based, as each of our retail and business banking, wealth management and capital markets business units performed well,” Chief Executive Officer Victor Dodig said in a statement.