Canadian Imperial Bank of Commerce Earnings Beat Estimates
By Allison Prang
Fourth-quarter earnings at the Canadian Imperial Bank of Commerce rose 25% this year, exceeding analysts' expectations, as the bank reported costs rose less than noninterest and net interest income.
The Toronto-based bank reported net income attributable to shareholders of C$1.16 billion ($899.4 million), or C$2.81 a share on an adjusted basis, compared to C$927 million, or C$2.60 a share on an adjusted basis a year ago. Analysts polled by Thomson Reuters were expecting earnings of C$2.60 a share.
Net interest income rose 17% to C$2.46 billion. The bank's net interest margin expanded by 13 basis points to 1.72%.
Noninterest income rose 15% to C$1.81 billion. Noninterest expenses rose 9.5% to C$2.57 billion.
Shares were flat in premarket trading Thursday.
Write to Allison Prang at email@example.com
(END) Dow Jones Newswires
November 30, 2017 07:22 ET (12:22 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.