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BMLP - Dorsey Wright MLP Index ETN Due 10 Dec 2036 News Story

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UPDATE 1-CIBC quarterly profit beats on capital markets boost, lower bad loan provisions

(Adds analysts' estimates, details on the results)
    Feb 26 (Reuters) - Canadian Imperial Bank of Commerce
 CM.TO  reported better-than-expected quarterly profit on
Wednesday, helped by gains in its capital markets business and
as it set aside lesser money to cover bad loans.
    Net income at the capital markets unit surged 63%, driven by
higher revenue and lower provision for credit losses.  
    Strength in that segment also drove quarterly profit beats
for the other big Canadian lenders Royal Bank of Canada  RY.TO ,
Bank of Montreal  BMO.TO  and Bank of Nova Scotia  BNS.TO .
    Canada's fifth largest lender recorded an employee severance
charge of C$339 million ($255.16 million).
    This comes after chief executive officer Victor Dodig
flagged layoffs late last month and told staff that CIBC needs
to challenge itself to be "a more efficient bank by focusing on
continuous improvement and keeping a careful eye on costs."
 urn:newsml:reuters.com:*:nL4N29Z4SP
    Total provisions for loan losses, or the money a bank sets
aside to cover unpaid loans, fell nearly 23%.
    Net income attributable to common shareholders rose 2.5% to
C$1.21 billion ($910.73 million), or C$2.63 per share, in the
first quarter ended Jan. 31.  urn:newsml:reuters.com:*:nCNW6G0Nfa
    Excluding items, the bank earned C$3.24 per share. Analysts
on average had expected C$3.00 per share, according to Refinitiv
IBES data.
    The bank also announced a raft of senior executive changes,
including a new head of personal and business banking and a new
chief risk officer.  urn:newsml:reuters.com:*:nCNWT9nwza

($1 = 1.3286 Canadian dollars)

 (Reporting by C Nivedita in Bengaluru and Nichola Saminather in
Toronto; Editing by Devika Syamnath)
 ((C.Nivedita@thomsonreuters.com; within the U.S. +1 646 223
8780, outside the U.S. +91 80 6749 9246;))
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