TABJ - May 27 - Canadian Imperial Bank of Commerce (CIBC) (TSX: CM) yesterday reported 2011 second quarter net income of $678 million, an improvement on the $660 million net income recorded over the same period in 2010. Results reflected diluted shares of $1.60, up from $1.59 in the 2010 Q2.

In the first quarter of 2011, profit reached $799 million, with diluted shares valued at $1.92.

“CIBC currently exceeds the new regulatory capital requirements for global banks, well ahead of the implementation timelines that have been proposed by the Basel Committee on Banking Supervision and confirmed by the Office of the Superintendent of Financial Institutions,” Gerry McCaughey, CIBC President and CEO, said in a statement.

“CIBC delivered solid results this quarter across our core businesses in Retail Markets and Wholesale Banking. Our strong earnings growth contributed to the further strengthening of our capital position.”

Meanwhile, CIBC Retail Markets reported net income of $553 million for the second quarter, up $66 million from the same quarter last year.

Revenue was up five per cent, at $2.5 billion, from the second quarter of 2010, primarily due to solid volume growth across business segments, including the impact of the acquisition of the MasterCard portfolio in the fourth quarter of 2010, and partially offset by the impact of lower revenue from FirstCaribbean International Bank and narrower spreads.

Provision for credit losses of $279 million was down from $333 million in 2010 Q2 due to lower write offs and bankruptcies in the cards and personal lending portfolios and lower provisions in commercial banking, which were partially offset by write offs in the acquired MasterCard portfolio.