Analysts had expected a profit of $2.81 per share, according to Thomson Reuters Eikon. CIBC's U.S commercial banking and wealth management arm saw net income in the second quarter climb 431 per cent year-over-year to $138 million. It was boosted by the acquisition of PrivateBancorp, which closed in June last year and was later rebranded as CIBC Bank USA. CIBC's spot mortgage balance for the second quarter was $203 billion, up 6.8 per cent from a year ago, but flat compared with the first quarter. In the latest quarter, originations of uninsured residential mortgages at CIBC were $7 billion, down from $11 billion a year ago.

Source: CBC News May 23, 2018 10:30 UTC