CIBC patient in deal for PrivateBancorp

TORONTO — CIBC will remain disciplined and patient on its efforts to buy Chicagobased lender PrivateBancorp as it looks to expand its business in the U.S. amid slowing loan growth at home, CIBC’s CEO said Thursday.

Victor Dodig made his comments after CIBC, Canada’s fifth largest bank by market capitalization, reported first-quarter results that surpassed expectations, with net income of $1.41 billion, up from $982 million a year ago. The earnings amounted to $3.50 per diluted share, up from $2.43 per diluted share during the same period last year.

A shareholder vote scheduled for December was postponed after shares of PrivateBancorp rose above the value implied in the proposed deal.