TORONTO — CIBC announced a deal to sell its 91.67 per cent interest in CIBC Caribbean to the Bank of N.T. Butterfield & Son for a total of US$1.6 billion in cash and stock as it reported its second-quarter profit rose compared with a year ago.
Under the CIBC Caribbean agreement, the bank says it will receive US$1 billion in cash and 52.1 million Butterfield common shares, which will represent about a 22 per cent stake in the company.
The sale came as CIBC says it earned C$2.47 billion or C$2.53 per diluted share for the quarter ended April 30, up from C$2.01 billion or C$2.04 per diluted share a year earlier.
Revenue for the quarter totalled C$8.01 billion, up from C$7.02 billion in the same quarter last year, while its provision for credit losses amounted to C$605 million, the same as a year earlier.
On an adjusted basis, CIBC says it earned C$2.54 per diluted share in its latest quarter, up from an adjusted profit of C$2.05 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of C$2.44 per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published May 28, 2026.
Companies in this story: (TSX:CM)
The Canadian Press
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