Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators CIBC’s quarterly net profit falls 6% The bank reported $1.19 billion of net profit in the fourth quarter By Staff, with files from The Canadian Press | December 5, 2019 | Last updated on December 5, 2019 1 min read © Albert Yuralaits / 123RF Stock Photo Canadian Imperial Bank of Commerce says it had $1.19 billion of net profit in the fourth quarter, down 6% from the comparable period of 2018, as adjusted earnings came in below analyst estimates. Among other things, the quarter was negatively affected by a $135-million goodwill impairment charge related to the expected sale of CIBC’s controlling interest in FirstCaribbean International Bank Ltd. CIBC’s net profit amounted to $2.58 per share, while adjusted earnings were $2.84 per share. In last year’s fourth quarter, CIBC had $1.27 billion of net income, or $2.80 per share, and $3 per share of adjusted earnings. Revenue for the three months ended Oct. 31 was $4.77 billion, up from $4.45 billion in last year’s fourth quarter and above analyst estimates. In Canadian commercial banking and wealth management, revenue of $1.03 billion was up $42 million from the fourth quarter of 2018, boosted in part by strong volume growth and higher fee-based assets driven by market appreciation in wealth management, the bank said in its earnings release. Analysts had estimated $3.06 per share of adjusted profit and $4.72 billion of revenue, according to financial markets data firm Refinitiv. Staff, with files from The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo