CIBC | Increase in net profit, slight decline in adjusted profit

(Toronto) CIBC’s net profit, which stood at $433 million in the first quarter of 2023, jumped a year later to stand at $1.728 billion in the corresponding quarter of the current fiscal year.


Earnings per share increased during this period from $0.39 to $1.77.

Adjusted net profit, however, declined over the same one-year period. It declined from 1.842 billion, or $1.94 per share, to 1.77 billion, or $1.81 per share.

Revenues increased from $5.929 billion to $6.221 billion, as did return on equity from 3.1% to 13.5%.

CIBC explains that its results for the first quarter of 2024, which resulted in a negative impact of $0.04 per share, were affected by a few factors, including a charge of $91 million related to a special assessment imposed on depository institutions in the United States, which affected the subsidiary CIBC Bank USA.

Furthermore, CIBC announces that its board of directors has declared a dividend of $0.90 per common share for the quarter ending April 30, 2024. This dividend will be paid on April 29.

Company cited in this dispatch: CIBC Bank (TSX: CM)


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