TORONTO — 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.
The bank said its quarter included several one-time items, such as a $227-million charge for a payment made to Air Canada to secure the bank’s participation in the airline’s new loyalty program, that resulted in a total negative impact of 41 cents per share. 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.”
Sentence is too lenient IMO. They could have died. Yet another criminal treated with kid gloves by the Canadian justice system.
This article offers a peak inside what I would consider the negative side of capitalism.
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