May 28, 2009 / 11:28 AM / 9 years ago

UPDATE 1-CIBC posts loss on credit, market charges

* Q2 shr loss C$0.24 vs yr-ago loss of C$3.00

* Q2 cash loss C$0.21/shr vs yr-ago loss C$2.98

* Q2 cash EPS C$1.44 ex-items vs. analysts’ view C$1.39

TORONTO, May 28 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) reported a quarterly loss on Thursday as it took charges in its structured credit and other run-off businesses, but the results beat Wall Street estimates.

Canada’s fifth-largest bank said its net loss narrowed to C$51 million ($46 million), or 24 Canadian cents per share, in the second quarter ended April 30 from C$1.1 billion, or C$3.00 a share, a year earlier.

“Losses in structured credit did impact our results, but the bulk of these losses occurred early in the quarter before market conditions improved,” Chief Executive Gerald McCaughey said in a statement.

Excluding the charges and special items, cash earnings per share were C$1.44, the bank said.

Analysts had expected a profit of C$1.39, according to Reuters estimates.

“The rate of deterioration in the broader economy appeared to slow and liquidity levels recovered during the quarter — both of which are encouraging signs as we head into the last half of the year,” McCaughey said.

Shares of CIBC closed at C$57.03 Wednesday on the Toronto Stock Exchange. ($1=$1.12 Canadian) (Reporting by Andrea Hopkins; Editing by Lisa Von Ahn)

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