03/08/2012 08:34 EST

CIBC Q1 Earnings: Bank Boosts Profits By 9 Per Cent


TORONTO -- CIBC increased its profits in the first quarter by nine per cent as it benefited from stronger results in its Canadian retail banking business and mortgages.

The bank, which is the last of the big Canadian banks to report earnings this quarter, posted net income of $835 million, or $1.93 per share.

That marked an increase from $763 million, or $1.80 per share, a year ago.

Adjusted earnings were $1.97, which beat analyst expectations of $1.93 per share on average, according to a poll by Thomson Reuters.

Revenue grew to $3.2 billion from $3.1 billion.

The bank also announced that its mortgage broker unit, FirstLine, is shopping for a buyer.

CIBC has more than 41,000 employees across its operations including retail and wholesale banking and financial services, serving more than 11 million customers.

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