CIBC hikes dividend as it reports third-quarter profit up two per cent
Posted August 22, 2019 6:23 am.
TORONTO — The Canadian Imperial Bank Of Commerce hiked its dividend and reported a two per cent rise in its third-quarter net income as growth in Canadian personal and small business banking was offset by weaker capital markets earnings.
The Toronto-based bank says it will now pay a quarterly dividend of $1.44 per share, up four cents.
CIBC reported net income of $1.4 billion for the quarter ended July 31, compared with $1.37 billion during the same period a year ago.
The lender says it earned $3.06 per diluted share for the quarter ended July 31 compared with $3.01 a year ago.
On an adjusted basis, CIBC says it earned $3.10 per diluted share for the quarter, compared with an adjusted profit of $3.08 during the same quarter in 2018.
Analysts on average had expected earnings of $3.06 per share for the quarter, according to the financial markets data firm Refinitiv.
“In the third quarter, we delivered solid results through the continued execution of our client-focused strategy,” CIBC chief executive Victor Dodig said in a statement.
Companies in this story: (TSX:CM)
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