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Real Estate Market Watch – Credit market writedowns hit CIBC again

August 27, 2008

Canadian Imperial Bank of Commerce saw its third-quarter profit plummet by more than 91 per cent as the bank continued to take big charges related to the credit crisis.

CIBC said Wednesday before the opening of stock markets that it made $71 million, or 11 cents a share, down from $835 million, or $2.31 a share, a year earlier.

The bank said its results for the most recent quarter include an $885 million pre-tax loss related to the credit crunch stemming from the U.S. subprime mortgage market.

The third-quarter profit was an improvement, however, from the second-quarter loss of $1.11 billion after taking more credit market-related writedowns.
Through the first nine months of CIBC’s current fiscal year, the bank posted a loss of $2.5 billion, compared with a profit of $2.4 billion a year earlier.

The bank also declared a quarterly dividend of 87 cents per common share.

Last Updated: Wednesday, August 27, 2008 9:11 AM ET
CBC News

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