Despite an economy still marred by the effects of the global recession, CIBC on Thursday reported that all its core businesses performed well during the current fiscal year's fourth quarter, taking the company toward definite profit.

Net earnings for the quarter up-to October 31 for the ongoing financial year, have been reported by the Toronto-based bank as $644 Million, or $1.56 a share, a substantial rise from the figure of $436 Million, or $1.06 per share, reported for the same period last year.

Revenue also rose effectively for the current year's aforementioned period to $.29 Billion, compared to last year's revenue of $2.2 Billion.

The numbers posted have been well in-tune with the estimate pegged by analysts that were polled by Thomson Reuters.

"Our capital position at year-end is as strong as it has ever been and we continued to exercise expense discipline. We are well positioned heading into 2010 where our focus will continue to be on bringing value to all of our clients and furthering our strategic imperative of delivering consistent and sustainable performance for all of our stakeholders", said Gerry McCaughey, CIBC President and Chief Executive Officer.

According to the company, it benefitted most from higher fees which were earned from arranging stock sales, mergers and acquisitions, which managed to overshadow the losses incurred during the period.