This article exists as part of the online archive for HuffPost Canada, which closed in 2021.

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

Suggest a correction
This article exists as part of the online archive for HuffPost Canada. Certain site features have been disabled. If you have questions or concerns, please check our FAQ or contact support@huffpost.com.