Business

CIBC hikes dividend despite profit dip to $811M

CIBC had net income of $811 million, or $1.98 in diluted earnings per share, in the fourth quarter.

CIBC had net income of $811 million, or $1.98 in diluted earnings per share, in the fourth quarter.

That was down from $825 million, or $2.02 per diluted share, in the same quarter a year ago.

However, CIBC's adjusted net income rose to $911 million, up from $894 million in the its fiscal fourth quarter a year ago, and its adjusted diluted earnings per share was $2.24 — up from $2.19 last year but a penny short of analyst estimates.

Total revenue for the quarter was $3.42 billion, up from $3.18 billion a year earlier and above analyst estimates.

Analysts had estimated $2.25 per share of adjusted earnings and $3.4 billion of revenue for the quarter.

For the full year, CIBC had net income of $3.2 billion and its adjusted profit was a record $3.7 billion with total revenue of nearly $13.4 billion

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