CIBC hikes dividend as declining profit misses expectations [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Financial Post
CIBC hikes dividend as declining profit misses expectations Canada's fifth-largest lender saw double-digit drop in profit from personal and small business banking and capital markets TORONTO — The Canadian Imperial Bank of Commerce hiked its dividend as it reported its first-quarter profit fell to $1.18 billion, down 11 per cent from $1.33 billion a year ago. CIBC raised its quarterly payment to common shareholders by four cents to $1.40. The Toronto-based lender’s earnings for the three-month period ended Jan. 31 amounted to $2.60 per diluted share, down from $2.95 during the same period a year earlier. The bank said its quarter included several one-time items, such as a $227-million charge for a payment made to Air Canada to secure the bank’s participation in the airline’s new loyalty program, that resulted in a total negative impact of 41 cents per share. On an adjusted basis, CIBC earned $3.01 per share, down from $3.18 a year ago and below the $3.08 expected by analysts surveyed
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Sec Filings
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- 4/19/24 - Form 424B2
- CM's page on the SEC website