May 27, 2010 / 11:50 AM / 7 years ago

CORRECTED - CORRECTED-UPDATE 1-CIBC Q2 profit misses market expectations

(Corrects headline and text to show quarterly profit missed, not beat, market expectations)

* Q2 EPS C$1.59 vs shr loss C$0.24 yr-ago

* Q2 cash shr C$1.61 vs shr loss C$0.21 yr-ago

* Loan loss provisions down 20 pct to C$334 mln (Adds details)

May 27 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) posted a lower-than-expected quarterly profit.

Canada’s No. 5 bank said net income was C$660 million ($617.4 million), or C$1.59 a share, in the second quarter ended April 30. That compares to a loss of C$51 million, or C$0.24 a share, in the same period a year earlier.

Quarterly cash earnings per share was C$1.61, compared to a loss of 21 Canadian cents per share a year ago.

Excluding certain items, the company earned C$1.46 per share, compared with analysts’ average estimate of C$1.50 per share, according to Thomson Reuters I/B/E/S.

Toronto-based CIBC said quarterly provisions for credit losses, or the amount of money the bank set aside to cover bad loans, fell C$78 million to C$334 million.

Tier 1 capital was 13.7 percent.

“Our core Canadian retail operations performed well this quarter, delivering our strongest level of revenue growth in the past 10 quarters,” Chief Executive Gerry McCaughey said in a statement.

Shares of CIBC closed at C$75.29 Wednesday on the Toronto Stock Exchange. ($1=1.069 Canadian Dollar) (Reporting by Sakthi Prasad in Bangalore; Editing by Jon Loades-Carter) ((sakthi.prasad@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sakthi.prasad.reuters.com@reuters.net))

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