CIBC profit slips on provisions and charges

Thu Dec 5, 2013 5:41am EST
 
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TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO: Quote), Canada's No. 5 bank, said on Thursday its fourth-quarter profit slipped 1.9 percent, due to higher loan-loss provisions and one-time charges.

CIBC earned C$836 million ($782.00 million), or C$2.05 a share, in the quarter ended October 31. That compared with a profit of C$852 million, or C$2.02 a share, in the year-before period.

(Reporting by Cameron French Editing by W Simon)

 
The CIBC logo is seen on the trading floor during the CIBC Miracle Day charity event in New York December 4, 2013. REUTERS/Shannon Stapleton