DOW JONES NEWSWIRES
Canadian Imperial Bank of Commerce (NYSE:CM) (CM) reported a hefty second-quarter loss, noting that the deterioration in credit and liquidity conditions, particularly for securities with exposure to the U.S. residential mortgage market, required it to record asset writedowns and counterparty credit reserves within its structured credit business.
Market conditions also hurt its performance in other areas, particularly within its wholesale and retail brokerage operations.
The Toronto-based bank's net loss was C$1.1 billion or C$3.00 a share, compared with net income of C$807 million or C$2.27 a year earlier.
It said its cash loss per share was C$2.98, compared with cash earnings of C$ 2.29 a year earlier.
The Canadian chartered bank recorded a C$176 million provision for credit losses in the latest quarter, compared with C$166 million a year earlier.
Second-quarter return on equity was negative 37.6%. The bank said its Tier 1 capital ratio at April 30 was 10.5%.
-Carolyn King; 416-306-2100; AskNewswires@dowjones.com
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(END) Dow Jones Newswires 05-29-08 0914 Copyright (c) 2008 Dow Jones & Company, Inc.
