CIBC reports record Q4 results

8 December 2006

Canadian Imperial Bank of Commerce (CIBC) has announced its financial results for the fourth quarter, reporting record levels of income.

According to the bank, net income for the quarter ending on October 31st came to $819 million, compared with £728 million for the same period last year.

Cost-cutting measures and lower tax payments were credited for the increase, which put total profits for 2006 at $2.6 billion - a vast improvement on last year's $32 million loss, which resulted from a payout made to settle Enron-related lawsuits.

"CIBC delivered solid results in 2006, underpinned by the progress we made against our strategic priorities," commented Gerald T McCaughey, the bank's president and chief executive, although he admitted that more worked needed to be done.

"While our progress in 2006 is encouraging, further improvements are required. In 2007, our goal is to further reduce our efficiency ratio [and] continue to position CIBC for consistent and sustainable performance over the long term."

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