TORONTO Dec 5 Canadian Imperial Bank of
Commerce said on Thursday that its quarterly profit
slipped 1.9 percent after one-time charges offset a rise in
retail and wealth management income.
The bank, Canada's fifth-largest, earned C$836 million ($782
million), or C$2.05 a share, in the fourth quarter ended Oct.
31, compared with C$852 million, or C$2.02 a share, a year
earlier. CIBC bought back stock during the year, reducing its
share count and boosting its earnings per share.
Excluding one-time items that included a C$39 million
restructuring charge from the bank's Caribbean unit and a C$35
million impairment of an equity position associated with its
exited U.S. leveraged finance portfolio, the bank earned C$2.22
Analysts on average had expected a profit of C$2.15 a share,
according to Thomson Reuters I/B/E/S.
Profit at CIBC's Canadian retail bank rose 7 percent to
C$610 million. Retail bank profit has been a strength for
Canadian lenders in spite of concerns about a slowing housing
market and low interest rates.
Wealth management income climbed 24 percent to C$104
million, while wholesale banking income, which includes trading,
investment banking, and advisory fees, rose 9 percent to C$210