Reuters: Mergers News: UPDATE 1-CIBC reports higher profit on retail growth

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UPDATE 1-CIBC reports higher profit on retail growth May 31st 2012, 10:29 Thu May 31, 2012 6:29am EDT May 31 (Reuters) - Canadian Imperial Bank of Commerce , the country's fifth-biggest bank, reported a 6 percent increase in quarterly income on higher volumes at its retail and business banking. Second-quarter net income rose to C$811 million, or C$1.90 per share, from C$767 million, or C$1.80, a year earlier. Excluding items, it earned C$2.00 per share. Total revenue rose 2 percent to C$3.08 billion. The bank, better known as CIBC, said it continues to explore strategic options for its FirstLine discount mortgage unit.

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