February 28, 2019 / 11:39 AM / a year ago

Canada's CIBC posts bigger-than-expected earnings decline

The Canadian Imperial Bank of Commerce (CIBC) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

TORONTO (Reuters) - Canadian Imperial Bank of Commerce, Canada’s fifth biggest-lender, on Thursday reported a bigger-than-expected decline in first-quarter earnings, reflecting slower growth at its domestic business.

The bank reported earnings per share, excluding special items, of C$3.01 for the quarter to Jan. 31, down from C$3.18 a year earlier. Analysts had, on average, forecast earnings of C$3.08 per share, according to IBES data from Refinitiv.

Reporting by Matt Scuffham; Editing by Mark Potter

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