Canadian Imperial Bank of Commerce ( CIBC (TSX:CM)) reported a significant increase in its fourth-quarter profit, clocking in at C$1.48 billion, alongside a hike in dividends and a climb in revenue. The bank's performance outpaced analyst expectations with adjusted earnings per share reaching C$1.57, exceeding the forecasted C$1.53.
The bank's diluted earnings per share rose from C$1.26 to C$1.53 compared to the same period last year. In a move that will please shareholders, CIBC raised its quarterly dividend payout from 87 cents to 90 cents per share. This rise in dividend is reflective of the bank's strong financial performance and confidence in its future prospects.
Revenue for the quarter also saw an upturn, reaching nearly C$5.84 billion, up from the previous year's figure of nearly C$5.39 billion. However, the bank also reported an increase in provisions for credit losses, which rose to C$541 million from last year's C$436 million, indicating a more cautious approach to potential credit risks.
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