CIBC hikes dividend as profits rose last quarter

CIBC raised its dividend as its first-quarter profit topped expectations, boosted by strength in its capital markets and Canadian personal and small business banking operations.

The big bank says it will now pay a quarterly dividend of $1.46 per common share, up from $1.44 per share.

The increased payment to shareholders came as CIBC reported a profit of $1.21 billion or $2.63 per diluted share for the quarter ended Jan. 31, up from $1.18 billion or $2.60 per diluted share a year earlier.

Provision for credit losses totalled $261 million, down from $338 million in its first quarter a year ago.

On an adjusted basis, CIBC says it earned $3.24 per diluted share, up from $3.01 per diluted share in the same quarter a year earlier.

Analysts on average had expected an adjusted profit of $2.99 per diluted share, according to financial markets data firm Refinitiv.

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