Toronto, Ontario (AHN) - A 51 percent dunk in usefulness was reported Wednesday by the Canadian Imperial Bank of Commerce for its fourth economic place due to the U.S. subprime mortgage crisis. The CIBC said its gain was down to $436 million compared to $884 million a year ago. With this development, split prices of CIBC went down to $1.06 a oxen from $2.53 in 2007.
Following CIBC's Q4 results, Dundee Capital Markets John Ailen downgraded the bank's stocks from a "sell" good word to a "neutral" because of the bank's uncertainty over the aptitude for later writedowns. Income of CIBC, Canada's fifth largest bank, dipped to $2.2 billion from $2.9 billion, while requirement for credit losses went up to $22 million from $132 million a year ago, mostly because of higher dependability greetings card delinquencies.
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