CIBC Reports 59% Surge In FQ4 Profit

Canadian Imperial Bank of Commerce (NYSE: CM) reported a 59% surge in its fiscal fourth-quarter profit.

CIBC's quarterly earnings surged to C$794 million, or C$1.89 per share, from C$500 million, or C$1.17 per share, in the year-ago period. Excluding one-time items, CIBC's cash earnings were C$1.87 a share. However, analysts were expecting a profit of C$1.81 per share.

CIBC's net income dropped 1.7% versus C$808 million in the third quarter. Its total revenue fell 1.6% to C$3.2 billion.

CIBC shares gained 0.04% to $71.39 in after-hours trading.