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CIBC is reporting $931-million of net income in its fourth quarter, up 20 per cent from $778 million in the same time last year.
The Toronto-based bank is also raising its quarterly dividend by three cents per share to $1.24 per share, with the first payment at the higher rate coming on Jan. 31.
CIBC says its net income amounted to $2.32 per share for the three months ended Oct. 31. That included 25 cents per share of restructuring charges, totalling $98 million after taxes, primarily due to employee severance.
On an adjusted basis, CIBC's profit amounted to $2.60 per share — up from $2.36 per share in the fourth quarter of 2015.
Revenue for the quarter was $3.68 billion, up from $3.48 billion a year earlier.
For its full 2016 financial year, CIBC's net income was $4.30 billion, up from $3.59 billion in 2015, while revenue was $15.04 billion, up from $13.86 billion.
