TORONTO — 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 says 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 says 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.
This report by The Canadian Press was first published Dec. 5, 2024.
Companies in this story: (TSX:CM)
The Canadian Press