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Canadian Imperial Bank of Commerce on Thursday exceeded analyst expectations as it reported higher fourth-quarter profits than it did last year due to better performances in each of its business streams.<\/p>\n<\/div>\n
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Net income for the three-month period ending Oct. 31 increased 27 per cent compared to the same period last year to $1.88 billion, resulting in net earnings per share of $1.90.<\/p>\n<\/div>\n
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Adjusted for certain conditions, the bank earned $1.9 billion, up 24 per cent from a year ago, resulting in adjusted earnings per share of $1.91. Analysts had expected CIBC to earn $1.78 per share.<\/p>\n \u201cOur bank delivered record financial performance in 2024,\u201d CIBC chief executive Victor Dodig said in a statement. \u201cWe continued our robust net client growth, improved our strong client experience scores and continued to build a connected culture across our bank to serve our clients.\u201d<\/p>\n He said the bank is focused on \u201cdriving growth in the mass affluent and high-net-worth client segments, building on our strength in digital to serve consumers, leveraging our connected platform to grow our wealth management, commercial banking and capital markets businesses, and enabling, simplifying and protecting our bank.\u201d<\/p>\n CIBC\u2019s total provisions for credit losses (PCL) \u2014 the amount of money banks keep aside to tackle potentially bad loans \u2014 was $419 million for the fourth quarter, down $122 million, or 23 per cent, from the same quarter last year.<\/p>\n CIBC increased its quarterly dividend by seven cents to 97 cents per share.<\/p>\n \u2022 Email: nkarim@postmedia.com<\/em><\/p>\n Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/div>\n Share this article in your social network<\/p>\n<\/div>\n\n Article content Canadian Imperial Bank of Commerce on Thursday exceeded analyst expectations as it reported higher fourth-quarter profits than it did last year due to better performances in each of…<\/p>\n","protected":false},"author":2,"featured_media":53642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-53641","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/53641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=53641"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/53641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/53642"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=53641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=53641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=53641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
CIBC beats expectations as profits grow<\/a>
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2024-12-05 11:34:12<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"