CIBC profit falls 4 pct on legal settlement charge

Thu Feb 28, 2013 5:41am EST
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Feb 28 (Reuters) - Canadian Imperial Bank of Commerce reported a 4 percent fall in quarterly profit after it recorded a one-time legal settlement charge.

First-quarter profit fell to C$798 million ($777 million), or C$1.91 per share, from C$835 million, or C$1.93 per share, a year earlier.

On an adjusted basis, Canada's fifth-largest bank earned C$895 million, or C$2.15 per share.