CIBC earnings beat Street

TORONTO — CIBC is the latest Canadian bank to beat analyst profit estimates with its second-quarter earnings.CIBC says it earned $811-million of net income in the second quarter, up from $767-million in the comparable period last year.That amounted to $1.90 per diluted share of net income, or $2 per share on an adjusted basis. [np-related]On average, analysts were expecting $1.88 per share of adjusted earnings, according to figures compiled by Thomson Reuters.CIBC’s total revenue was just under $3.1-billion, including $2-billion from its core retail and business banking operations.Analysts had expected CIBC’s overall revenue to be just over $3.1-billion.“CIBC’s solid results in the second quarter reflect our strong focus on our clients as well as our underlying business fundamentals,” CIBC chief executive Gerry McCaughey said in the announcement.“The investments we are making in our retail and business banking, wealth management and wholesale banking businesses are furthering our strength and positioning us well for the future.”CIBC’s core business in retail and business banking provided $556-million of the net profit, up from $496-million in the second quarter of 2011.CIBC’s wealth management operations also showed a higher profit, which rose to $79-million from $73-million while net income from wholesale banking was flat. read more

Pneumococcal vaccine will save many African children UN health officials say

With pneumonia estimated to kill nearly 2 million children worldwide every year, top United Nations health officials have welcomed the results of a pneumococcal conjugate vaccine trial in Gambia as demonstrating that a significant proportion of illness, disability and death in African children can be averted.“The results of this vaccine trial hold great promise for improving health and saving lives in resource-poor populations,” World Health Organization (WHO) Director-General Lee Jong-wook said of the results published last week in the British medical journal Lancet.“The international community’s task now is to continue to work together productively to make the pneumococcal conjugate vaccine widely available to children in Africa, as lives are lost every minute to pneumococcal disease.“Immunizing children with pneumococcal conjugate vaccine in developing countries will be a critical intervention towards achieving a two-thirds reduction in the under-five mortality rate, a Millennium Development Goal (MDG),” he added of the targets set by the UN Millennium Summit of 2000 that seek to slash poverty, hunger and mortality by 2015.In a trial in eastern Gambia of 17,437 children aged 6 to 51 weeks that began in August 2000, 8,719 received a diphtheria-tetanus-pertussis-Haemophilus influenzae serotype b vaccine, while 8,718 received pneumococcal conjugate vaccine. In the latter group there were 37 per cent fewer cases of pneumonia, 15 per cent fewer hospital admissions, 16 per cent reduction in overall mortality, and half the rate of laboratory-confirmed pneumococcal pneumonia, meningitis and septicaemia.Moreover, the vaccine was 77 per cent effective in preventing infections caused by nine serotypes (strains) of pneumococcal bacteria.A similar vaccine has had a dramatic impact on reducing pneumococcal disease in the United States. The trial in the Gambia now clearly demonstrates that a significant proportion of illness, disability and death in African children can be averted through vaccination against this disease, a leading killer especially of young children in developing countries, accounting for about 18 per cent of the more than 10 million annual childhood deaths worldwide, WHO said.“Experience has shown that in areas where health systems are unable to provide hard to reach, rural populations with round-the-clock access to high-quality curative care, immunization can be delivered through outreach services to great benefit,” said Thomas Cherian, Team Coordinator in the WHO Initiative for Vaccine Research, which supported the trial.“The pneumococcal vaccine will therefore will therefore be particularly important to save lives in the most disadvantaged populations.” read more