05:00:11 EST Thu 02 Feb 2023
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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-12-01 C$ 59.81
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FP says CIBC hikes dividend despite missed expectations

2022-12-02 07:36 ET - In the News

The Financial Post reports in its Friday edition that Canadian Imperial Bank of Commerce fourth quarter profit fell 18 per cent to $1.19-billion. The Post's Stephanie Hughes writes that adjusted earnings were $1.31-billion in the three-month period ending Oct. 31, or $1.39 per share, falling short of average analyst expectations of $1.72 per share. Despite the miss, CIBC raised its dividend by two cents to 85 cents per share. For the full fiscal 2022 year, CIBC's net income slipped 3 per cent to $6.2-billion. Chief executive officer Victor Dodig said: "These results were driven by robust volume growth across all our businesses, which was a direct result of the continued execution of our client-focused strategy and the investments that we're making and growth which will benefit our business in fiscal 2023 and beyond. ... With many of our key strategic and compensation-related investments now completed, we're now shifting to more moderate expense growth in 2023 to the mid-single digit range." The bank, however, saw provisions for credit losses surge to $436-million for the quarter, up $358-million or 459 per cent from the same period last year. Non-interest expenses rose to $1.31-billion, a jump of $161-million.

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