CIBC profit falls on Caribbean charges

Thu May 29, 2014 6:23am EDT
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TORONTO May 29 (Reuters) - Canadian Imperial Bank of Commerce said on Thursday its second-quarter profit fell by nearly two-thirds, hurt by C$543 million in charges related to its Caribbean banking unit.

The bank, Canada's fifth-largest, also raised its dividend by 2 percent.

CIBC earned C$306 million ($281.68 million), or 73 Canadian cents a share, in the fiscal second quarter ended April 30. That compared with a year-before profit of C$862 million, or C$2.09 a share.

The bank pre-announced the Caribbean charges -- a C$420 million non-cash goodwill impairment charge and C$123 million in loan losses -- earlier this month, blaming poor economic conditions in the region. ($1 = 1.0864 Canadian Dollars) (Reporting by Cameron French)