CIBC Posts Upbeat Q4 Profit

Canadian Imperial Bank of Commerce CM reported a 13% rise in its fourth-quarter earnings. CIBC's quarterly earnings surged to C$852 million ($858.05 million), or C$2.02 per share, from C$757 million, or C$1.79 per share, in the year-ago period. Excluding certain items, CIBC earned C$2.04 per share, beating analysts' estimates of C$1.98 per share. CIBC's wholesale banking income surged 58% to C$193 million. CIBC shares closed at $81.20 yesterday.