CIBC posted fourth-quarter profit up from year ago, raises quarterly dividend

Canadian Imperial Bank of Commerce raised its quarterly dividend as it reported a fourth-quarter profit of $1.88 billion, up from $1.49 billion in the same quarter last year.

 

CIBC said Thursday it will now pay a quarterly dividend of 97 cents per share, up from 90 cents.

 

The increase in the payment came as the bank says it earned $1.90 per diluted share for the quarter ended Oct. 31, up from a profit of $1.53 per diluted share a year ago.

 

Revenue for the quarter totalled $6.62 billion, up from $5.85 billion in the same quarter last year, while CIBC’s provision for credit losses amounted to $419 million, down from $541 million a year earlier.

On an adjusted basis, CIBC said it earned $1.91 per diluted share in its latest quarter, up from an adjusted profit of $1.57 per diluted share a year ago.

 

The average analyst estimate had been for an adjusted profit of $1.79 per share, according to data provided by LSEG Data & Analytics.

 

“Our bank delivered record financial performance in 2024 through the consistent execution of our client-focused strategy across business lines and across borders, driving growth for our bank through client relationships and delivering value for all of our stakeholders,” CIBC chief executive Victor Dodig said in a statement.

 

CIBC said its Canadian personal and business banking business earned $743 million, up from a profit of $637 million in the same quarter last year, while its Canadian commercial banking and wealth management operations earned $516 million, up from a profit of $490 million a year earlier.

 

The bank’s U.S. commercial banking and wealth management business earned $202 million, up from a profit of $50 million a year ago.

 

CIBC’s capital market and direct financial services operations earned $428 million, up from a profit $383 million in the same quarter last year.

 

The bank’s “corporate and other” segment reported a net loss of $7 million for the fourth quarter compared with a net loss of $75 million a year earlier.

 

 

 

 

This article was first reported by The Canadian Press

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