The Toronto-based bank reported a net loss of $51 million or 24 cents per share for the quarter ended April 30, down from a loss of $1.1 billion or $3 per share reported the year before.

CIBC said the loss was partly attributable to a $324 million loss on structured credit activities.

The bank booked quarterly revenue of $2.1 billion, relatively unchanged from year-earlier levels of $2 billion.

CIBC said its tier one capital ratio, a key performance indicator, currently stands at 11.5 per cent.

The bank said its quarterly dividend would remain fixed at 87 cents per share.