(Adds impaired energy-sector loans, segments results)
TORONTO, Aug 27 (Reuters) - Canadian Imperial Bank of
Commerce CM.TO reported a higher third-quarter profit that
topped market estimates on Thursday, helped by growth in its
retail and wealth management businesses, and raised its
quarterly dividend.
Gross impaired loans in its oil-and-gas portfolio increased
36 percent to C$34 million, from C$25 million in the second
quarter. There were none in the year-earlier period.
Net income in the quarter ended July 31 was C$978 million,
or C$2.42 cents per share, compared with C$921 million, or
C$2.26 per share, a year ago.
Excluding extraordinary items, its profit rose to C$2.45 per
share.
Analysts on average had expected earnings of C$2.31 a share,
according to Thomson Reuters I/B/E/S.
Among segments, retail and business banking earnings climbed
8 percent, and wealth management profit jumped 16 percent.
The wealth management segment benefited from higher assets
under management.