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Canadian Imperial Bank posts profit of $588 million in 4th quarter

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.

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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

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Keywords: Canadian Imperial Bank, Earnings Report