CIBC boosts dividend, but posts bigger-than-expected earnings decline

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.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.

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 by Thomson Reuters Eikon. Canada’s fifth-largest lender saw double-digit drop in net income from Canadian personal and small business banking and capital markets, while its U.S. commercial banking and wealth management arm saw a 25 per cent uptick in earnings during the period.

“In the first quarter, we delivered solid performance across our strategic business units,” said CIBC chief executive Victor Dodig in a statement. “We continue to make progress on our strategy to build a client-focused North American bank with diversified earnings growth and disciplined expense and capital management while delivering superior shareholder returns.”

globebusiness Nnjc bc c. Bc bc c can. CNBC cb. C bc ccvcnnbnbcn. C ncncnccncnbcjcncchccn. Cn. Cnccncn ccjcnnccnncnncjncbnnccccnchcnccncncn bjkvjfx

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Magna boosts dividend as profit beats estimates on complete vehicles segmentMagna International’s quarterly profit falls 18.4 per cent GlobeBusiness
Source: globeandmail - 🏆 5. / 92 Read more »

RBC kicks off big bank results with a dividend boost and higher profitRBC kicks off big bank results with a dividend boost and higher profit GlobeBusiness
Source: globeandmail - 🏆 5. / 92 Read more »

RBC kicks off big bank results with a dividend boost and higher profitRBC kicks off big bank results with a dividend boost and higher profit GlobeBusiness
Source: globeandmail - 🏆 5. / 92 Read more »

SNC-Lavalin slashes dividend as it reports loss on $1.2-billion chargeSNC-Lavalin slashes dividend as it reports loss on $1.2-billion charge GlobeBusiness globebusiness Corporate corruption doesn't pay... globebusiness Apparently corruption isn’t an effective long term strategy.
Source: globeandmail - 🏆 5. / 92 Read more »

SNC-Lavalin slashes dividend 65%, reports loss of $1.6 billionLoss comes after two profit warnings related to problems at a mining project and its oil and gas business
Source: nationalpost - 🏆 10. / 80 Read more »

RBC hikes dividend as profit rises in challenging market conditionsCapital markets earnings drop 13 per cent
Source: nationalpost - 🏆 10. / 80 Read more »

Scotiabank raises dividend, but quarterly profit slipsFirst-quarter earnings slip 4 per cent amid challenging market conditions
Source: globeandmail - 🏆 5. / 92 Read more »