The bank said third-quarter net profit was $788 million, or $2.02 per share, up sharply from $193 million, or 41¢ per share, in the year-ago period.

In a statement, the bank said it benefited from a one-time tax break during the quarter that boosted profit by $387 million, or $1.06 per share.

During the quarter, CIBC reached an agreement with the Canada Customs and Revenue Agency resulting in an income tax recovery of $707 million, including related interest.

“CIBC’s third quarter performance continues a favourable trend that began earlier this year and demonstrates the success of our ongoing efforts to build core businesses, strengthen the balance sheet, adjust business mix and reduce our risk profile.” Said John Hunkin, president and CEO.