Canadian Imperial Bank of Commerce missed analysts’ earnings estimates for the first time in almost four years even as the company’s U.S. foray helped lessen its reliance on domestic banking. The U.S. unit contributed $131 million to earnings, up from $107 million a year ago, when it acquired Chicago-based PrivateBank in its largest takeover ever. CIBC’s U.S. unit contributed $131 million to earnings, up from $107 million a year ago. Canada’s fifth-largest lender by assets gets a greater share of earnings from domestic banking than any of its larger peers, which has led to investor criticism that it’s too focused on its home country. This marks CIBC’s first earnings miss after topping estimates for 15 consecutive quarters.

Source: thestar November 29, 2018 11:48 UTC