CIBC reports $931-million of net income in its fourth quarter, up 20% from $778 million in the same time last year.
CIBC is also raising its quarterly dividend by three cents per share to $1.24 per share, with the first payment at the higher rate coming on Jan. 31, 2017.
CIBC says its net income amounts to $2.32 per share for the three months ended Oct. 31. That includes 25 cents per share of restructuring charges, totaling $98 million after taxes, primarily due to employee severance.
On an adjusted basis, CIBC’s profit is $2.60 per share — up from $2.36 per share in the fourth quarter of 2015.
Read: RBC’s Q4 profit declines 2% but annual profit rises to record
Revenue for the Q4 is $3.68 billion, up from $3.48 billion a year earlier.
For its full 2016 financial year, CIBC’s net income is $4.30 billion, up from $3.59 billion in 2015, while revenue is $15.04 billion, up from $13.86 billion.
Reported return on common shareholders’ equity (ROE) is 16.8% and adjusted ROE is 18.8%. Basel III common equity tier 1 ratio on an all-in basis is 11.3%, compared with 10.8% a year ago.
Read: Scotiabank Q4 profit up 9% to $2.01 billion
The bank also declared dividends on class-A preferred shares for the quarter ending January 31, 2017, payable on January 27, 2017, as follows:
Series 39: $0.243750
Series 41: $0.234375
Series 43: $0.225000
Read: