CIBC(or Canadian Imperial Bank of Commerce) has said that its profits rose 5.8 per cent for the third quarter of the year, ended 31 July of the year, driven by its wealth management unit.

The firm said that its wealth management unit reported net income of $102 million for the third quarter, up $26 million or 34 per cent from the same quarter last year.

Revenue of $458 million was up $57 million or 14 per cent compared to the third quarter of 2012, primarily due to higher client assets under management driven by market appreciation and higher net sales of long-term mutual funds, higher contribution from investment in American century investments, and higher fee-based and commission revenue, the firm said.

CIBC said that net income for the quarter jumped to C$890 million ($847 million), or C$2.16 a share, compared with C$841 million, or C$2, the year prior, while adjusted net income was $943 million, compared with $866 million for the third quarter a year ago, and $876 million for the prior quarter.

Meanwhile, CIBC reported that retail and business net income reached $638 million for the third quarter, up $44 million or 7 per cent from the same quarter last year.