CIBC Q2 Profit Rises; Declares Dividends - Quick Facts

(RTTNews) - Canadian Imperial Bank of Commerce (CM.TO, CM) reported second-quarter adjusted EPS of C$2.64, compared to C$2.40, a year ago. Second-quarter reported net income was C$1.05 billion, compared with C$941 million, prior year. Reported earnings per share was C$2.59, compared with C$2.35.

Victor Dodig, CIBC CEO, stated: "In the second quarter, each of our business units performed well. We delivered robust growth with continued progress on CIBC's integrated bank-wide priorities to deepen client relationships, foster innovation that our clients want and simplify our bank. In addition, after the end of the quarter, we marked an important milestone with PrivateBancorp, Inc. shareholders voting overwhelmingly in favour of our proposed merger. We are now focused on obtaining the remaining regulatory approvals and finalizing our integration plans as we work toward closing the deal in June."

CIBC also announced its Board declared a dividend of C$1.27 per share on common shares for the quarter ending July 31, 2017 payable on July 28, 2017.