CIBC reported fourth-quarter profit fell 51% due to a variety of securities writedowns and mark-to-market losses.

CIBC said on Thursday net income was $436 million, or $1.06 a share, in the three months ended Oct. 31. That compared with net income of $884 million, or $2.53 a share, a year earlier.

Results for the fourth quarter included increased provisions for credit losses of $222 million, compared with $132 million in the year-ago period.

CIBC said final share profit for the fourth quarter reflected a hit of 48¢ a share from positive and negative items, including, on an after-tax basis:

> a $463 million net gain on tax-related matters, including $486 million on Enron-related settlements;

> a charge of $323 million on the run-off of structured credits;

> $116 million in other mark-to-market losses and adjustments;

> a loss of $92 million on foreign exchange transactions related to the repatriation of capital and retained earnings;

> $82 million in severance accruals; and

> losses of $34 million on leveraged leases.

The bank’s total revenue dropped to $2.2 billion from a year-ago $2.9 billion.

Gerry McCaughey, CIBC president and CEO said the big bank is “heading into 2009 with the strongest capital position among the major commercial banks in North America.”

CIBC said its Tier 1 capital ratio of 10.5% exceeds regulatory requirements and its own target of 8.5%, giving it “the strongest capital position among the major commercial banks in North America.”

“Our capital strength, combined with our client focus and the strength of our Canadian concentrated core retail and wholesale businesses, positions CIBC well in this uncertain environment,” he added.

CIBC also announced the appointment of Charles Sirois as chairman of the board, effective Feb. 26, 2009 upon his re-election as a director at CIBCs annual general meeting in Vancouver.