Reuters logo
CIBC profit falls on Caribbean charges
May 29, 2014 / 10:26 AM / 3 years ago

CIBC profit falls on Caribbean charges

TORONTO, May 29 (Reuters) - Canadian Imperial Bank of Commerce said on Thursday its second-quarter profit fell by nearly two-thirds, hurt by C$543 million in charges related to its Caribbean banking unit.

The bank, Canada’s fifth-largest, also raised its dividend by 2 percent.

CIBC earned C$306 million ($281.68 million), or 73 Canadian cents a share, in the fiscal second quarter ended April 30. That compared with a year-before profit of C$862 million, or C$2.09 a share.

The bank pre-announced the Caribbean charges -- a C$420 million non-cash goodwill impairment charge and C$123 million in loan losses -- earlier this month, blaming poor economic conditions in the region. ($1 = 1.0864 Canadian Dollars) (Reporting by Cameron French)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below