Caribbean operations to hurt CIBC's bottom line
Toronto-based CIBC (TSX: CM, NYSE: CM) is taking a non-cash goodwill impairment charge of Cdn$420mn (US$386mn) on its FirstCaribbean International Bank unit in the second fiscal quarter of 2014.
The group will also record in FQ2 123mn Canadian dollars in incremental loan losses from its Caribbean financial services firm based in Barbados.
"In light of persistently challenging economic conditions in many Caribbean countries and our current expectations for conditions going forward, we have reduced the carrying value of the goodwill related to CIBC FirstCaribbean," CIBC said in a statement.
CIBC will will report FQ2 results on May 29.
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