May 29, 2008 / 12:55 PM / 10 years ago

Canadian Imperial Bank of Commerce loses C$1.1 billion

TORONTO (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) posted a big loss for the second straight quarter on Thursday, after taking additional charges of C$2.5 billion for U.S. structured credit securities and other positions hurt by the credit crunch.

A Canadian Imperial Bank of Commerce (CIBC) branch is seen in Toronto November 9, 2007.REUTERS/Mark Blinch

CIBC, the fourth-largest Canadian bank by market value, said it lost C$1.1 billion ($1.1 billion), or C$3.00 per share, in the second quarter ended April 30. That compared with a profit of C$807 million, or C$2.27 a share, in the year-earlier period.

($1=$0.99 Canadian)

Reporting by Lynne Olver; Editing by Scott Anderson

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