CIBC Reports Q2 Profit Down From Year Ago, Raises Quarterly Dividend

CIBC raised its quarterly dividend as it reported its second-quarter profit fell compared with a year ago.

The bank says it will now pay a quarterly dividend of 83 cents per share, up from 80.5 cents per share.

CIBC earned $1.52 billion or $1.62 per diluted share in net income for the quarter that ended April 30, down from $1.65 billion or $1.78 per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled $5.38 billion, up from $4.93 billion a year ago, while the bank’s provision for credit losses amounted to $303 million, up from $32 million in the same quarter last year.

On an adjusted basis, CIBC says it earned $1.77 per diluted share in its latest quarter, down from an adjusted profit of $1.79 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.78 per diluted share for the bank’s second quarter, according financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 26, 2022.