CIBC today reported a big increase in fourth quarter profit, and announced plans to cut 900 jobs.

Net income was $728 million, or $2.06 per share, in the quarter ended Oct. 31, up sharply from $402 million, or $1.06 per share, in the year-before period.

A year ago, the bank’s profit was hurt by a provision taken to guard against legal costs stemming from CIBC’s involvement with collapsed energy trader Enron.

Revenue rose to $3.4 billion from $2.9 billion.

Loan-loss provisions were $170 million, little changed from $175 million a year before.

Return on equity was 34.2%, compared with 14.2%.

CIBC said this year’s fourth-quarter profit was boosted by previously announced sales of shares of Global Payments Inc. and Shoppers Drug Mart Corp. This resulted in a $241 million after-tax gain in the quarter, or 72¢ per share.

The gains were partially offset by items that hurt the bottom line, including higher severance expenses.

CIBC said it has cut 50 executive positions, roughly 15% of its senior management, to reduce layers of management and overlapping roles, over the third and fourth quarters.

The $100 million severance expense booked in the final quarter covers part of the cost of eliminating 900 other positions announced today. CIBC said the cuts have already begun and will continue into 2006.

“Organizational changes that affect our people are always difficult,” CIBC president and CEO Gerry McCaughey said in a release. “However these changes have been necessary to improve our overall competitiveness and to position CIBC for the long-term.”