The Globe and Mail reports in its Friday, May 29, edition that Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce delivered second quarter results that beat expectations, alleviating concerns the energy sector's woes could spread to Bay Street. The Globe's David Berman writes that CIBC reported net earnings of $911-million or $2.25 a share, about triple its earnings from a year ago. However, after accounting for a number of exceptional items in 2014, adjusted earnings rose 4.2 per cent to $924-million or $2.28, beating expectations by about a nickel. Despite the modest growth, the lender raised its quarterly dividend for the fourth consecutive time to $1.09, up three cents. CIBC chief executive officer Victor Dodig says the bank is distributing 44.9 per cent of its earnings to shareholders, putting it midway in his targeted payout range of 40 per cent to 50 per cent. The Globe says this implies more dividend hikes ahead if the economic backdrop remains healthy for the bank. Mr. Dodig says: "Our businesses are performing well. ... The strategy that we laid out ... is delivering dividend growth to our shareholders."