Strong commercial loan growth drove an 8% year-over-year increase in Private Bancorp's second-quarter profit.
The Chicago company's net income was $50 million for the three months, it said Thursday. Earnings per share for the $18 billion-asset company, which
Total loans rose 12% to $14 billion and net interest income rose 14% to $142 million.
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The Canadian company is determined to rely on low-cost deposits, lending prowess and cross-selling to justify the price it will pay for PrivateBancorp. Each of those strategies could backfire, highlighting why most acquirers emphasize cost-cutting when pitching a deal.
June 29 -
Canadian Imperial Bank of Commerce in Toronto has agreed to buy PrivateBancorp in Chicago for $3.8 billion, finally giving the Canadian bank a meaningful retail presence in the United States.
June 29 -
The Canadian company took its time before making a bank acquisition in the U.S. The wait allowed management to address internal performance, assess the market and find the right bank to buy.
June 30
The net interest margin widened by 11 basis points to 3.28%.
Noninterest income rose 12% to $37 million on higher asset management income and capital markets income.
Expenses rose 15% to $94.2 million because of higher compensation and costs associated with the CIBC deal.