UPDATE 1-Canadian lender CIBC posts better than expected quarterly earnings

(Adds comments from chief executive)

TORONTO, Aug 24 (Reuters) - Canadian Imperial Bank of Commerce reported third-quarter earnings ahead of market expectations, driven by strong performances across all of its businesses.

Canada's fifth-biggest lender said on Thursday earnings per share, excluding one-off items, increased to C$2.77 from C$2.67 a year ago, in the quarter to June 30.

Analysts had on average forecast earnings of C$2.66 per share, according to Thomson Reuters I/B/E/S data.

The bank, which acquired Chicago-based PrivateBancorp in a $5 billion deal in June, has been looking to diversify outside of Canada where it is the most exposed of the country's biggest banks to the domestic economy.

"Our strong results this quarter reflect solid contributions from our strategic business units, as well as our acquisition of the PrivateBank, which closed in June," Chief Executive Victor Dodig said in a statement. (Reporting by Matt Scuffham; Editing by David Goodman and Mark Potter)