TORONTO – TORONTO (AP) _ Canadian Imperial Bank of Commerce (CM) on Thursday reported fiscal fourth-quarter net income of $588 million.
The Toronto-based bank said it had earnings of $1.46 per share. Earnings, adjusted for non-recurring costs, were $1.79 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.
The bank and financial services company posted revenue of $2.64 billion in the period.
For the year, the company reported profit of $2.88 billion, or $7.15 per share. Revenue was reported as $11.17 billion.
Canadian Imperial Bank shares have fallen 12 per cent since the beginning of the year. The stock has fallen 19 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CM at http://www.zacks.com/ap/CM
Keywords: Canadian Imperial Bank, Earnings Report