* Earnings per share C$2.89 vs forecast C$2.59
* Lifts dividend for 9th time in last 10 quarters
(Adds analyst comment, details)
By Matt Scuffham
TORONTO, Feb 23 Canadian Imperial Bank of
Commerce, Canada's fifth-biggest lender, on Thursday
reported a 13 percent rise in quarterly earnings, beating market
forecasts, helped by growth in its retail and capital markets
Adjusted net income for the first quarter to Jan. 31 rose to
C$1.17 billion ($889 million), or C$2.89 per share, after
excluding one-off items such as restructuring charges and gains
on the sale and leaseback of retail properties.
That surpassed the average analyst forecast of C$2.59 per
share, according to Thomson Reuters I/B/E/S.
"CIBC delivered strong performance across retail and
business banking, wealth management and capital markets," Chief
Executive Victor Dodig said in a statement.
The bank said its retail and business banking division
earned adjusted net income of C$709 million, up from C$686
million a year earlier, while its capital markets business
reported adjusted net income of C$371 million, up from C$244
Total revenue was C$4.2 billion, compared with C$3.6 billion
a year ago.
The bank also said it would increase its quarterly dividend
by C$0.03 per share to C$1.27 per share, the ninth time in the
last 10 quarters it has increased its dividend.
CIBC's core tier 1 capital, a key measure of its financial
strength, rose by 60 basis points from the previous quarter to
11.9 percent, the highest of any major Canadian bank.
"We view Q1 results positively as revenues, efficiency and
loan losses were all better than our forecast," said RBC banking
analyst Darko Mihelic. He added that the bank's capital was
strong, and the quarterly dividend increase announcement was
CIBC did not provide an update on its C$3.8 billion offer
for Chicago-based PrivateBancorp. A shareholder vote on
the takeover was delayed in December after some PrivateBancorp
shareholders said they would reject the proposal.
($1 = 1.3155 Canadian dollars)
(Reporting by Matt Scuffham; editing by Jane Merriman, Jason
Neely and W Simon)