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The Canadian Imperial Bank of Commerce reported better-than-expected earnings for its second quarter with a nearly 25 per cent increase in net income, year over year, due to strong results at home and south of the border helped by its U.S. acquisitions last year.
The lender, the first of the large Canadian banks to report its latest results, said Wednesday it earned a profit attributable to common shareholders of $1.29 billion or $2.89 per diluted share for the quarter ended April 30, up from $1.04 billion or $2.59 per diluted share a year ago.
On an adjusted basis, Canada's fifth-largest bank said it earned $1.32 billion or $2.95 per diluted share for the quarter ended April 30, up from $1.06 billion or $2.64 a year earlier.
Analysts had expected a profit of $2.81 per share, according to Thomson Reuters Eikon.
"In the second quarter, each of our business units performed well," CIBC chief executive Victor Dodig said in a statement.
The lender's Canadian personal and small business banking division reported a 16 per cent increase in net income to $584 million. The increase came despite slowing growth in mortgage lending amid tighter regulations, higher interest rates and April national housing sales activity at lows not seen in several years.
CIBC's spot mortgage balance for the second quarter was $203 billion, up 6.8 per cent from a year ago, but flat compared with the first quarter. By comparison, in the second quarter of 2017, CIBC's spot mortgage balance was $190 billion, up 12.4 per cent from the previous year and up 2.2 per cent from the previous quarter.
Meanwhile, the lender's domestic commercial banking and wealth management arm earned $310 million for the quarter, marking a nine per cent increase from the same period a year ago.
CIBC's U.S commercial banking and wealth management arm saw a significant jump in net income in the second quarter, climbing 431 per cent year-over-year to $138 million. It was boosted by the acquisition of Chicago-based PrivateBancorp in June last year, later rebranded as CIBC Bank USA. The bank also acquired Chicago-based private wealth management firm Geneva Advisors in the fourth quarter of 2017.
