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Restructuring charges drag down CIBC's Q4 profit to $778 million

TORONTO — CIBC (TSX:CM) reports its net income for the fourth quarter was $778 million, a 2.8 per cent decline from the same time last year due to higher restructuring costs at the corporate level.

The bank's profit for the three months ended Oct. 31 amounted to $1.93 per CIBC common share — or $2.36 per share after excluding $161 million in restructuring expenses after taxes.

CIBC's retail and business banking operations accounted for most of fourth quarter profit, $655 million — up $53 million from the same time last year.

The bank's wealth management arm also increased its profit to $123 million from $119 million and its capital markets operations grew net income to $209 million from $136 million.

The decline in overall fourth-quarter profit was at the corporate level, where the loss grew to $209 million from $46 million.

Excluding the restructuring and other items, CIBC's adjusted earnings for the quarter rose to $952 million from $911 million in the fourth quarter of fiscal 2014.

The Canadian Press

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