CIBC profit rises on capital markets strength
May 29 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO), opens new tab reported a rise in second-quarter profit on Thursday, led by its capital markets business.
U.S. President Donald Trump's shifting trade policy fueled volatility in markets and forced investors to rejig their portfolios to minimize losses, helping banks' trading desks to collect more fee income.
CIBC's net income from capital markets rose 20% over the year earlier to C$566 million.
Peers Toronto Dominion Bank (TD.TO), opens new tab and Bank of Montreal (BMO.TO), opens new tab also reported a rise in quarterly income in their capital markets arms.
CIBC's adjusted net income rose to C$2.02 billion ($1.46 billion), or C$2.05 per share, during the three months ended April 30, compared with C$1.72 billion, or C$1.75 per share, a year ago.
($1 = 1.3832 Canadian dollars)
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II also calculated the effect of a frozen state pension on someone who moved to an affected country in 2010. That was the year before the triple lock was introduced by the Coalition government in 2011/12, meaning they wouldn't have benefited from any uprating under the pledge. Those expats have received nearly £26,000 less than someone with a National Insurance record that also earned them a full basic rate state pension, but who stayed in the UK or moved to an unfrozen country like Spain in retirement. II calculated the 15-year figure based on the old full rate basic state pension, which was reformed in April 2016. This is currently around £9,200 a year - though people on the basic rate also get hefty top-ups, called S2P or Serps, if these were earned earlier in life. II also worked out the impact if you moved to a frozen country 10, 5 years or one year ago, but based those figures on the full rate new state pension for this period. Myron Jobson of II says: 'If you move to a country where the UK has no uprating agreement, like Australia or Canada, your state pension will be frozen at the level you first receive it. 'That means you won't benefit from the valuable triple lock increases that pensioners in the UK enjoy each year, and over time, that can seriously erode your spending power.' Therefore, Jobson says planning ahead is key, and you should check whether your chosen destination is affected (see below) and make financial decisions and arrangements with this in mind. 'Consider topping up any gaps in your national insurance record to maximise what you're entitled to,' he says. 'Deferring your state pension can boost the amount you get, though it won't help with uprating in frozen countries. 'Most importantly, building a strong private pension pot can help provide the financial cushion you'll need to maintain your standard of living abroad, regardless of state pension freezes. 'It is worth considering seeking advice from a financial adviser to fully understand the implications of retiring abroad and plan accordingly.' Last year, a This is Money reader asked whether the then very new Labour government would end the freeze on state pensions if you move to some countries. Well-connected pension industry expert Henry Tapper, chair of AgeWage, replied: 'I'm sorry but I can give you no expectation that the Labour Government will be any more generous on this matter than its predecessors. 'While no civil servant I spoke to ruled out the possibility of rules changing, no one would give you any hope and the Labour party manifesto is silent on this matter.' Tapper noted: 'If you return to the UK or go to live in a country where the UK does pay state pension increases to UK expats, you can have increases for the time you are resident at your new location.' 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