CIBC today reported a big jump in profit for the second quarter ended April 30. Canada’s third largest bank said strong financial markets and a favorable interest-rate environment helped boost quarterly profit 66%.

CIBC said net income for the quarter was $531 million, or $1.33 per share, up from $320 million, or 76¢, a year earlier.

Provisions for bad loans fell 17% to $207 million from $248 million, while return on equity was 18.9%, up from 11.9 % a year ago.

The bank said total revenue climbed 12% to $3.1 billion.

In response to the profit increase, CIBC’s board of directors declared a quarterly dividend of 60¢ per share on the bank’s common shares.

In a separae release, the bank announced the appointment of Linda Hasenfratz as a member of the CIBC board of directors.

Hasenfratz is president and CE of Linamar Corp., a position she has held since 2002. Linamar, headquartered in Guelph, Ont., designs, develops and manufactures precision machined components, modules and systems for engine, transmission and chassis systems primarily for the North American and European automotive marketplace.

Hasenfratz is also vice chairman of the Royal Ontario Museum Foundation and is a member of the Canadian Board of Advisors of Catalyst.

She received an Executive MBA from the Ivey School of Business at the University of Western Ontario in 1997. In addition, she holds an Honours Bachelor of Science degree from the same institution. In 2003, she received an Honorary Doctorate of Engineering from Ryerson University.