CIBC profit rises on capital markets strength

The CIBC logo displayed in the lobby of its headquarters in Toronto on Monday, Oct. 25, 2021. THE CANADIAN PRESS/Evan Buhler

Canadian Imperial Bank of Commerce reported a rise in second-quarter profit on Thursday, led by its capital markets business.

U.S. President Donald Trump’s shifting trade policy fuelled volatility in markets and forced investors to rejig their portfolios to minimize losses, helping banks’ trading desks to collect more fee income.

CIBC’s net income from capital markets rose 20 per cent over the year earlier to $566 million.

Peers Toronto Dominion Bank and Bank of Montreal also reported a rise in quarterly income in their capital markets arms.

CIBC’s adjusted net income rose to $2.02 billion, or $2.05 per share, during the three months ended April 30, compared with $1.72 billion, or $1.75 per share, a year ago.

Reporting by Pritam Biswas in Bengaluru; Editing by Leroy Leo, Reuters