CIBC reported its first-quarter profit fell compared with a year ago as it took a $1.17-billion charge to settle lawsuit filed by Cerberus Capital Management LP.
Revenue from the capital-markets division rose to $1.48 billion in the three months through January, up 14 per cent from a year earlier, the Toronto-based bank said Friday. Overall profit topped analysts' estimates for the fiscal first quarter.
CIBC shares have climbed 12 per cent this year, compared with a 6.3 per cent gain for the S&P/TSX Commercial Banks Index. Revenue in CIBC's Canadian personal and business banking unit rose 3.5 per cent to C$2.26 billion as balances of all types of loans continued to rise.
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