Canadian Imperial Bank of Commerce (CIBC) signage in Toronto, Ontario, Canada, on Friday, June 17, 2022. Photo by Christopher Katsarov Luna/Bloomberg

Canadian Imperial Bank of Commerce beat analysts’ expectations on Thursday as the lender posted double-digit net income growth across each of its business segments.

CIBC’s net income for the three months ending July 31 was $2.1 billion, up 17 per cent from the $1.8 billion it posted a year ago, resulting in net earnings per share of $2.15.

Its adjusted net income — which removes the impact of non-recurring items — was $2.1 billion, compared to $1.9 billion last year, resulting in adjusted earnings per share of $2.16, which beat analysts’ expectations of about $2.01 per share.

“We delivered strong financial performance by continuing to

See Full Page