Canadian Imperial Bank of Commerce Q4 Profit Misses Estimates

Canadian Imperial Bank of Commerce CM reported a weaker-than-expected profit for the fourth quarter. The bank's quarterly net income declined to C$811 million ($714 million), or C$1.98 per share, compared to C$825 million, or C$2.02 per share, in the year-ago period. Excluding items, it earned C$2.24 per share, versus analysts' estimates of C$2.25 per share. CIBC also lifted its quarterly dividend to C$1.03 per share. Net income at its retail and business banking segment dropped to C$602 million versus C$613 million, while net income at its wealth management arm climbed to C$119 million from C103 million. The bank's net income at its wholesale banking unit declined to C$136 million from C$209 million. Its revenue rose to C$3.22 billion from C$3.18 billion, versus estimates of C$3.44 billion. "Our strong performance for the year was underpinned by record revenue," says Victor Dodig, CIBC President and Chief Executive Officer. "Our results show our client-focused strategies are delivering consistent and sustainable earnings." The bank also announced the appointment of the Honourable John P. Manley, P.C., O.C., as Chair of the Board. CIBC shares rose 0.93% to close at $94.27 yesterday.