CIBC reports Q4 down from year ago, raises quarterly dividend
By The Canadian Press on December 1, 2022.
TORONTO – CIBC reported its fourth-quarter profit fell to $1.19 billion compared with $1.44 billion in the same quarter last year as its provisions for credit losses climbed higher. The bank also raised its quarterly dividend to shareholders by two cents to 85 cents per share. The increased payment to shareholders came as CIBC said it earned $1.26 per diluted share for the quarter ended Oct. 31, down from $1.54 per diluted share in the same quarter last year. Revenue totalled $5.39 billion for the quarter compared with $5.06 billion a year ago. Provisions for credit losses for the three-month period totalled $436 million, up from $78 million in the same quarter last year. On an adjusted basis, CIBC said it earned $1.39 per diluted share in its fourth quarter, down from an adjusted profit of $1.68 per diluted share a year ago. Analysts on average had expected to the bank to earn $1.72 per diluted share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Dec. 1, 2022. Companies in this story: (TSX:CM) 9-8
