04:00 PM EST - Canadian Imperial Bank of Commerce : reported a profit for the first quarter, reversing a loss posted in the same period last year. The Toronto-based company reported net income for the first quarter of $147 million or $0.29 per share, compared to a net loss of $1.56 billion or $4.39 per share in the year-ago quarter. Cash earnings were $120 million or $0.31 per share, compared to a cash loss of $1.48 billion or $4.36 per share a year ago. Total revenue was $2.02 billion in the latest quarter. Provision for credit losses was up $112 million or 65 per cent from the same quarter last year, primarily due to higher losses in the cards portfolio, driven by higher delinquencies and bankruptcies, and higher provisions net of recoveries in the corporate lending portfolio, both related to the deteriorating economic environment. Canadian Imperial Bank of Commerce
shares T.CM are trading up $2.53 at $45.81.
