CIBC Q4 Profit Down - Quick Facts

(RTTNews) - Canadian Imperial Bank of Commerce or CIBC (CM.TO, CM) reported that its fourth-quarter net income attributable to common shareholders slipped to C$819 million from C$821 million in the prior year quarter. But Quarterly earnings per share improved to C$2.05 from C$2.02 last year.

Net income attributable to equity shareholders declined to C$843 million from the previous year's C$850 million.

CIBC's results for the fourth quarter of 2013 were affected by the following items of note aggregating to a negative impact of C$0.17 per share: C$39 million restructuring charge relating to FirstCaribbean International Bank Limited (CIBC FirstCaribbean); C$35 million impairment of an equity position associated with our exited U.S. leveraged finance portfolio; C$24 million expenses relating to the development and marketing of our enhanced proprietary travel rewards program and to the proposed Aeroplan transactions with Aimia Canada Inc. and The Toronto-Dominion Bank Group in the first quarter of 2014; C$15 million gain from the structured credit run-off business; and C$7 million amortization of intangible assets.

Adjusted net income attributable to common shareholders for the quarter grew to C$888 million from last year's C$827 million, with adjusted earnings per share increasing to C$2.22 from C$2.04 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of C$2.15 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter was C$1.894 billion, up from C$1.848 billion last year. But, non-interest income for the quarter declined to C$1.306 billion from last year's C$1.311 billion.

Quarterly total revenue grew to C$3.200 billion from C$3.159 billion in the year ago quarter. Adjusted total revenue was C$3.298 billion up from C$3.199 billion last year. Seven analysts estimated revenues of C$3.26 billion for the quarter.

Certain information of the prior year period has been reclassified to conform to the presentation adopted in the latest-period.

CIBC announced that its board of directors declared a dividend of 96 cents per share on common shares for the quarter ending January 31, 2014 payable on January 28, 2014 to shareholders of record at the close of business on December 27, 2013.