CIBC quarterly profit jumps on capital markets strength
Feb 26 (Reuters) - Canadian lender CIBC CM.TO reported a jump in first-quarter profit on Thursday, buoyed by robust performance in its capital markets business.
Capital markets activity was robust in the November-January quarter for Canadian banks, supported by broader equity market gains and strength in metals and mining, alongside robust trading volumes.
The first quarter also tends to be a seasonally stronger quarter for capital markets activity at Canadian banks, analysts have said.
Net income at CIBC's capital markets business surged 42% to C$877 million ($641.32 million) in the quarter, driven by robust trading and deal-making momentum.
"We delivered strong financial performance in the first quarter of 2026, including record revenue across all of our business units," said CEO Harry Culham.
The fifth-largest Canadian bank's net income was C$3.10 billion, or C$3.21 per share, for the three months ended January 31, compared with C$2.17 billion, or C$2.19 per share, a year earlier.
($1 = 1.3675 Canadian dollars)
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