Posted AT 8:38 PM EST on 27/08/08
CIBC offers hope worst is over
Canadian Imperial Bank of Commerce sparked a rally in its shares Wednesday by managing to eke out its first profit of the year, raising hopes the bank had finally put the bulk of its troubles with risky investments to bed.
The domestic bank most battered by the U.S. subprime mortgage crisis posted a $71-million third-quarter profit that missed analysts' expectations and were a 91-per-cent tumble from earnings of $835-million one year earlier.
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