<\/p>\n
Revenue for the quarter totalled $6.62 billion, up from $5.85 billion in the same quarter last year.<\/p>\n
Canadian Imperial Bank of Commerce raised its quarterly dividend as it reported a rise in revenue and earnings while its provisions for potentially bad loans dropped.<\/p>\n
The bank said Thursday it had bought back five million shares as it also raised its dividend eight per cent for the highest this quarter among its peers.<\/p>\n
\u201cThis increase reinforces the confidence we have to deliver earnings growth,\u201d said chief executive Victor Dodig.<\/p>\n
The increase in the payment came as the bank says it earned $1.88 billion, or $1.90 per diluted share for the quarter ended Oct. 31, up from $1.49 billion, or $1.53 per diluted share a year ago.<\/p>\n
Revenue for the quarter totalled $6.62 billion, up from $5.85 billion in the same quarter last year.<\/p>\n
The bank took on significant provisions last year as it worked to fix issues in its commercial loans, including the struggling office sector.<\/p>\n
Concerns have eased enough that the bank saw a 23 per cent drop in provisions for bad loans from last year, and down 13 per cent from the third quarter, to $419 million.<\/p>\n
The lower provisions helped lead to adjusted earnings of $1.91 per diluted share in its latest quarter, up from an adjusted profit of $1.57 per diluted share a year ago.<\/p>\n
Lower provisions were a key reason for the beat, said National Bank analyst Gabriel Dechaine in a note, as they came in 26 per cent below expectations for a second quarter of surprise to the upside.<\/p>\n
\u201cA splendid finish,\u201d he said of CIBC results, which also included guidance that was better than expected, plus a generous increase in payouts.<\/p>\n
\u201cCapital news was also positive, with the bank following up (five million) of share repurchases during the quarter with a juicy eight per cent dividend hike.\u201d<\/p>\n
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.<\/p>\n
The bank\u2019s U.S. commercial banking and wealth management business earned $202 million, up from a profit of $50 million a year ago.<\/p>\n
CIBC\u2019s capital market and direct financial services operations earned $428 million, up from a profit $383 million in the same quarter last year.<\/p>\n
The bank\u2019s \u201ccorporate and other\u201d segment reported a net loss of $7 million for the fourth quarter compared with a net loss of $75 million a year earlier.<\/p>\n
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