CANADIAN IMPERIAL BANK OF COMMERCE $77 - Toronto symbol

CANADIAN IMPERIAL BANK OF COMMERCE $77 (www.cibc.com) earned $2.06 a share in the three months ended July 31, 2012. That’s up 6.7% from $1.93 a year earlier. Loan demand remained strong in Canada, and profits rose at the bank’s wealth management and capital markets divisions. The strong results prompted CIBC to raise its quarterly dividend by 4.4%, to $0.94 a share from $0.90. The new annual rate of $3.76 a share yields 4.9%. Buy.

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