CIBC today announced its financial results for the second quarter ended April 30. Operating earnings, which exclude an asset sale and the net impact of its Amicus electronic banking unit, were $494 million or $1.19 a share, diluted.

Operating return on equity was 19.4%. Reported earnings for the second quarter were $469 million, or $1.13 a share, diluted. The reported earnings figures include the net impact of building Amicus — a loss of 17¢ a share — and the 11¢ a share gain on the sale of CIBC’s Merchant Card Services business.

Adjusted earnings per share (which exclude only the impact of an asset sale) were $1.02, diluted, during the quarter.

Year-to-date, CIBC’s operating return on equity was 21.8%. The bank’s Tier 1 capital ratio is 9.1% and total capital ratio is 12.4%.

CIBC’s estimated full year loan loss provisions were increased to $950 million, up from $760 million in the first quarter. The increase, combined with the cost of divesting non-strategic corporate loans, had a negative impact of 13¢ on second quarter earnings per Share.

“Our continued focus on strategic growth and cost containment activities across all of our business lines helped CIBC sustain its performance in the face of weaker market conditions during the quarter,” said John Hunkin, Chairman and CEO. “Our performance through the first half of the year keeps us on track to deliver against our commitments.”