The Financial Post reports in its Friday, Dec. 6, edition that Canadian Imperial Bank of Commerce exceeded earnings estimates in its fiscal fourth quarter, earning $1.91 per share, above the $1.79 forecast. A Bloomberg dispatch to the Post reports that the bank set aside $419-million for credit losses, significantly lower than the $547-million analysts anticipated and down 23-per-cent year-over-year. CIBC reported a net income of $1.9-billion, a 24-per-cent increase from the previous year, with a return on equity of 13.4 per cent. The bank's U.S. commercial banking unit showed improvement, with provisions for credit losses dropping 67 per cent and net income quadrupling, following the sale of $316-million in U.S. office loans. The bank reported a 24-per-cent increase in market-related fees, reaching $2.1-billion, driven by strong equity markets. Overall revenue for CIBC rose 10 per cent and adjusted earnings grew 12 per cent to $7.3-billion for the fiscal year, with net income increases in every segment except capital markets, which remained flat. RBC's Darko Mihelic says the results are a "strong" finish to the year. CIBC raised its quarterly dividend by 7.8 per cent to 97 cents a share.