Friday, May 29, 2009

CIBC reports $51M loss in Q2

CIBC reports $51M loss in Q2CIBC 3-month TSX chart

A string of charges and writeoffs sent Canadian Imperial Bank of Commerce to a second-quarter loss of $51 million, though that was a far cry from the $1.1 billion loss it reported in the same quarter of last year.

The bank said its diluted loss per share was 24 cents, compared with a diluted loss per share of $3 a year ago.

"Losses in structured credit did impact our results but the bulk of these losses occurred early in the quarter before market conditions improved," said Gerald McCaughey, the bank's president and CEO.

"The rate of deterioration in the broader economy appeared to slow and liquidity levels recovered during the quarter — both of which are encouraging signs as we head into the last half of the year," he said.

The charges that hit CIBC in the second quarter included a $324 million after-tax loss on structured credit investments.

The bank said it was holding its quarterly dividend steady at 87 cents a share.