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UPDATE: CIBC Q1 Profit Tops Estimates


Canadian Imperial Bank of Commerce (NYSE: CM) reported stronger-than-expected earnings for the fiscal first quarter and lifted its quarterly dividend.

CIBC reported a quarterly profit of 923 million Canadian dollars ($743 million), or C$2.28 per share, versus a year-ago profit of C$1.18 billion, or C$2.88 per share. Excluding items, CIBC earned C$2.36 per share, compared to C$2.31 per share. However, analysts were expecting earnings of C$2.30 per share.

The bank lifted its quarterly dividend to C$1.06 per share from C$1.03 per share.

"In the quarter, CIBC's core businesses delivered solid results despite a challenging macroeconomic environment," says Victor G. Dodig, CIBC President and Chief Executive Officer. "Through our client-focused strategy, we continued to deliver consistent and sustainable earnings as a strong performance-oriented relationship bank."

Earnings from CIBC's retail and business banking division dropped 13% to C$650 million, while wealth-management earnings climbed 12% to C$128 million in the quarter. Wholesale banking earnings gained 4% to C$275 million in the same period.

CIBC shares gained 1.47% to close at $74.31 yesterday.

Posted-In: profitEarnings News


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