CIBC sees big jump in Q3 profit due to asset sale, good operating performance

CIBC sees big jump in Q3 profit due to asset sale, good operating performance | iNFOnews.ca
A photograph of the CIBC sign in Toronto's financial district in downtown Toronto on Thursday, Feb. 26, 2009. CIBC reported that its quarterly profit climbed nearly 50 per cent from a year ago to $1.44 billion, although much of the jump came from the sale of its minority stake in American Century Investments. THE CANADIAN PRESS/Nathan Denette

TORONTO – CIBC is reporting a big jump in third-quarter profit, which rose nearly 50 per cent from a year ago to $1.44 billion, partly due to the sale of its minority investment in American Century Investments.

The Toronto-based bank (TSX:CM) had $978 million of net income during the same quarter last year.

CIBC says that without the gains from the American Century Investments sale, its profit was up eight per cent to $1.07 billion from $990 million.

On a per-share basis, net income for the three months ended July 31 was $3.61 — up from $2.42 in last year’s third quarter.

After adjustments, CIBC earned $2.67 per share, up from $2.45 a year ago.

Revenue for the quarter was $4.14 billion, up from $3.52 billion during the same period last year.

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