Canadian Imperial Bank of Commerce reported an adjusted net income of $2.47 billion for the second quarter. This figure represents a 23% increase year-over-year. Revenue climbed 14% to $8.01 billion. Adjusted earnings per share rose 24% to $2.54, surpassing analyst expectations.
Growth occurred across all business units, led by a 40% net income surge in the Capital Markets division. CIBC agreed to sell its 91.67% stake in CIBC Caribbean for approximately US$1.6 billion. The bank will reallocate this capital to strategic growth priorities in North America.