CIBC Posts Higher Third-Quarter Profit
Canadian Imperial Bank of Commerce reported a rise in third-quarter profit driven by strong performance in its capital markets division. Net income at the unit surged 34 percent to C$722 million. Heightened market volatility and geopolitical tensions aided trading revenue.
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Canadian Imperial Bank of Commerce posted a fiscal third-quarter profit rise to C$2.65B ($1.91B) on Thursday morning, driven by a 34% surge in capital markets revenue. The profit beat comes as heightened geopolitical tensions prompt investors to aggressively reposition portfolios. Capital markets divisions have emerged as the primary earnings driver for major lenders across Canada.
