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Most CIBC core business segments saw higher profits in fiscal Q2

Canadian Imperial Bank of Commerce posted fiscal second-quarter net income attributable to common shares of C$1.29 billion, or C$2.89 per share, compared to C$1.04 billion, or C$2.59 per share, a year ago.

The S&P Capital IQ consensus estimate for normalized EPS for the fiscal second quarter was C$2.82.

The recent earnings results included a hit of 6 Canadian cents per share due to the C$26 million amortization of intangible assets and $9 million transaction- and integration-related expenses in connection with the acquisitions of PrivateBancorp Inc. and wealth management firm Geneva Advisors.

Most of the Toronto-based company's core business segments saw an increase in their net incomes in the recent quarter. The U.S. commercial banking and wealth management segment posted a 431% increase in net income to C$138 million. The Canadian personal and small business banking segment's net income went up 16% to C$584 million, while the Canadian commercial banking and wealth management segment's net income increased 9% to C$310 million.

The capital markets segment posted the lone decrease, by 7% to C$249 million, primarily due to higher noninterest expenses and a higher effective tax rate.

Provision for credit losses increased 18% year over year to C$212 million, primarily due to an increase in provision on impaired loans because of the inclusion of the results of CIBC Bank USA.

The company also intends to seek the Toronto Stock Exchange's approval of a share buyback plan to purchase for cancellation of up to 9 million shares, or around 2% of its outstanding common shares, over the next 12 months.