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CIBC reports Q4 profit up from year ago, raises quarterly dividend

CIBC reports Q4 profit up

CIBC reported its fourth-quarter profit rose compared with a year ago and raised its dividend.

The bank said Thursday it will now pay a quarterly dividend of 90 cents per share, up from 87 cents per share.

The increased payment to shareholders came as CIBC said it earned $1.48 billion or $1.53 per diluted share for the quarter ended Oct. 31 compared with a profit of nearly $1.19 billion or $1.26 per diluted share a year earlier.

Revenue totalled $5.84 billion for the quarter, up from nearly $5.39 billion a year earlier, while the bank's provision for credit losses amounted to $541 million, up from $436 million in the same quarter last year.

On an adjusted basis, CIBC said it earned $1.57 per diluted share in its latest quarter, up from an adjusted profit of $1.39 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.53 per share, based on estimates compiled by financial markets data firm Refinitiv.

"In a more fluid economic environment in 2023, our bank delivered a solid financial performance as we realized the benefits of our strategic investments and we continue to execute our client-focused strategy," CIBC chief executive Victor Dodig said in a statement. 

"We enter the new fiscal year with a robust balance sheet and strong credit quality, foundational to our progress as we enable and simplify our bank, focus on driving growth in the mass affluent and private wealth segments, build on our strength in digital, and leverage our connected culture to grow our commercial and capital markets business."

CIBC said its Canadian personal and business banking division earned $635 million in its latest quarter, up from $471 million in the same quarter last year, while its Canadian commercial banking and wealth management business earned $490 million, up from $469 million.

The bank's U.S. commercial banking and wealth management business earned $50 million, down from $161 million in the same quarter last year.

CIBC's capital markets and direct financial services business earned $383 million, up from $378 million a year ago.



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