Canadian Imperial Bank of Commerce reported fourth-quarter profit that rose 59 per cent as income tax expenses fell.
CIBC said net income climbed to $794-million, or $1.90 a share, from $500-million, or $1.17 a share. Revenue was little changed from the year-ago period but the bank said that its income-tax expense plunged to $249-million from $742-million.
After adjusting for one-time items, cash earnings were $1.87 per share – a gain of 11 per cent from the same period a year ago.
The bank says its return on equity was 20.6 per cent.
For fiscal 2011, CIBC reports net income of $3.1-billion, earnings of $7.39 per share and a 21.3 per cent return on equity.
CIBC’s retail and business banking sector accounted for $580-million of net income – up from $505-million in the same period a year ago.
Wealth management earned $65-million and wholesale banking report took in $154-million.
“CIBC achieved solid results across our businesses in 2011, reflecting a strong focus on our clients as well as our underlying business fundamentals,” said CIBC president and CEO Gerry McCaughey.
“Our capital position remains among the best of any bank globally and we continue to take steps to further grow our business by investing in organic growth and through acquisitions.”