November 29, 2018 / 11:22 AM / 19 days ago

Canada's CIBC posts 8 percent rise in quarterly earnings

A Canadian Imperial Bank of Commerce (CIBC) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie

TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) on Thursday reported an 8 percent increase in fourth-quarter earnings, helped by growth at its retail banking and wealth management divisions.

Canada’s fifth biggest lender reported net income of C$1.36 billion ($1.02 billion) for the quarter ended Oct. 31, up from C$1.26 billion a year ago.

Earnings per share, excluding one-off items, rose to C$3.00. Analysts had, on average, forecast earnings per share of C$3.04, according to IBES data from Refinitiv.

Net income at the bank’s Canadian retail business rose to C$669 million during the quarter, up C$46 billion from a year ago. Funds set aside to cover bad loans rose by C$8 million, which the bank said was a result of growth in personal lending.

Net income at the bank’s commercial banking and wealth management businesses also rose by C$46 million to C$333 million.

For the full year, CIBC reported overall net income, excluding one-off items, of C$5.5 billion, compared with C$4.7 billion a year ago.

Reporting by Matt Scuffham; Editing by Adrian Croft and Kirsten Donovan

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