CIBC logs net income of $836 million in 4th quarter - InfoNews

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CIBC logs net income of $836 million in 4th quarter

A flag flies outside the CIBC tower in Toronto on Dec. 1, 2005. THE CANADIAN PRESS/AP, Aaron Harris
December 05, 2013 - 2:47 AM

TORONTO, Cananda - CIBC (TSX:CM) says it made $836 million in net income in its fiscal fourth quarter ended Oct. 31, 2013, down from $852 million in the same period last year.

The bank also reported diluted earnings per share of $2.05, up from $2.02 in the same quarter of 2012 on total revenue of $3.2 billion.

CIBC says its results were impacted in part by a $39 million restructuring charge relating to FirstCaribbean International Bank and a $35 million impairment of an equity position tied to its U.S. leveraged finance portfolio.

The bank's retail and business banking division earned $610 million in net income during the quarter compared to $569 million in the same quarter a year ago on total revenue of $2.1 billion.

Net income in the wealth management sector for the quarter was $104 million, up from $84 million during the same quarter a year ago last year, while wholesale banking net income edged higher at $210 million.

For the entire fiscal year, CIBC reports adjusted net income of $3.6 billion and $8.23 in diluted earnings per share.

"CIBC reported another year of solid progress in 2013," said president and CEO Gerry McCaughey.

"Our results reflect the strength of our client-focused strategy."

McCaughey added that CIBC `has the right strategy to deliver value`in a challenging environment and will continue to focus on "cultivating deeper relationships with our clients and pursing strategic growth" in 2014

CIBC also declared a dividend of 96 cents per share on common shares for the quarter ending Jan. 31, 2014.

News from © The Canadian Press, 2013
The Canadian Press

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