CIBC raises dividend, increases Q4 profit by 20 per cent to $931 million

TORONTO – CIBC is reporting $931-million of net income in its fourth quarter, up 20 per cent from $778 million in the same time last year.

The Toronto-based bank (TSX:CM) is also raising its quarterly dividend by three cents per share to $1.24 per share, with the first payment at the higher rate coming on Jan. 31.

CIBC says its net income amounted to $2.32 per share for the three months ended Oct. 31. That included 25 cents per share of restructuring charges, totalling $98 million after taxes, primarily due to employee severance.

On an adjusted basis, CIBC’s profit amounted to $2.60 per share — up from $2.36 per share in the fourth quarter of 2015.

Revenue for the quarter was $3.68 billion, up from $3.48 billion a year earlier.

For its full 2016 financial year, CIBC’s net income was $4.30 billion, up from $3.59 billion in 2015, while revenue was $15.04 billion, up from $13.86 billion.

Note to readers: This is a corrected story. An earlier version had incorrect figures for CIBC’s full year net income and revenue.