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

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.