U.S. Markets open in 3 hrs 59 mins

Canadian Imperial Bank: Fiscal 2Q Earnings Snapshot

TORONTO (AP) _ Canadian Imperial Bank of Commerce (CM) on Wednesday reported fiscal second-quarter net income of $1.01 billion.

The Toronto-based bank said it had earnings of $2.21 per share. Earnings, adjusted for one-time gains and costs, came to $2.23 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.22 per share.

The bank and financial services company posted revenue of $5.34 billion in the period. Its revenue net of interest expense was $3.41 billion, which also topped Street forecasts.

Canadian Imperial Bank shares have risen 12% since the beginning of the year. The stock has dropped 8% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CM at https://www.zacks.com/ap/CM