CIBC Q2 Earnings Falls - Quick Facts

(RTTNews) - Canadian Imperial Bank of Commerce or CIBC (CM.TO, CM) reported second-quarter net income attributable to equity shareholders of C$317 million or C$0.73 per share compared with C$860 million or C$2.09 per share for the second quarter, a year ago.

On an adjusted basis, earnings totaled C$887 million or C$2.17 per share. On average 13 analysts polled by Thomson Reuters expected the company to report earnings of C$2.07 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose to C$3.16 billion from C$3.12 billion in the year-ago period. Analysts estimated revenues of C$3.21 billion for the quarter.

Net interest income was down 1 percent at C$1.79 billion compared to C$1.82 billion last year, while non-interest income was up 5 percent at C$1.36 billion in comparison with C$1.30 billion in the prior-year period. The increase in non-interest income was primarily due to higher mutual fund and investment management and custodial fees.

Further, CIBC declared a dividend of C$1.00 per share on common shares for the quarter ending July 31, 2014 payable on July 28, 2014 to shareholders on record at the close of business on June 27, 2014.