Canadian lender CIBC's profit falls 2 pct

Thu Dec 4, 2014 6:13am EST
 
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Dec 4 (Reuters) - Canadian Imperial Bank of Commerce reported a nearly 2 percent fall in fourth-quarter profit, hurt by lower interest income.

Canada's fifth-largest lender said its net income fell to C$811 million ($714 million), or C$1.98 per share, in the quarter ended Oct. 31, from C$825 million, or C$2.02, a year earlier.

Excluding items, the bank earned C$2.24 per share, falling short of the average analyst estimate of C$2.25, according to Thomson Reuters I/B/E/S.

CIBC raised its quarterly dividend by 3 Canadian cents to C$1.03 per share. ($1 = 1.1364 Canadian dollars) (Reporting by Ashutosh Pandey in Bangalore; Editing by Don Sebastian)