Canadian Imperial Bank of Commerce is reporting a loss for the fourth quarter ended October 31. It was the bank’s first quarterly loss in nine years.

According to the bank, the loss was due in part to restructuring charges linked to the closure of its U.S. electronic banking business.

CIBC reported a loss of $100 million, or 40¢a share diluted, for the period ended Oct. 31. That is down from profit of $242 million, or 56¢ a share, in the year-before period.

Fourth quarter results included: an after-tax restructuring charge of $232 million to exit the U.S. electronic banking operations; an additional after-tax charge of $91 million relating to restructuring initiatives in other businesses; and write-downs in certain portfolios to reflect impairments of $248 million after-tax. The fourth quarter results also included an after-tax gain of $190 million related to the combination of CIBC’s Caribbean retail, corporate and international banking operations with those of Barclays Bank PLC.

Loan loss provisions in the fourth-quarter were c$280 million. Fourth-quarter revenue fell to $2.52 billion from $2.7 billion, while return on equity was negative 6% from positive 8.5% last year.

“Clearly, our fourth quarter and full-year results are below our expectations and do not reflect CIBC’s real earnings potential,” said John Hunkin, chairman and CEO. He said the bank is well-positioned heading into 2003.”

Earnings for the 12 months ended October 31, 2002, were $653 million, or $1.35 per share, diluted, compared to $1,686 million, or $4.13 per share, diluted, in 2001.

During the quarter, CIBC’s retail operations again contributed high returns on equity, with cards, mortgages and deposits continuing their strong year-over-year growth pace.

At CIBC Wealth Management, fee-based investment management programs continued to have positive net sales in the quarter. CIBC Personal Portfolio Services, the discretionary investment management product, recorded $39 million in net sales.