(Toronto) CIBC suffered a one-year decline in its fourth quarter net income, which fell from $1.44 billion in fiscal 2021 to $1.185 billion this year. Per diluted share, earnings fell from $1.54 to $1.26.
The Toronto-based financial institution adds that during the same period, adjusted net income fell from 1.573 billion to 1.308 billion, or from $1.68 to $1.39 per adjusted share.
The CIBC explains that the results for the fourth quarter of 2022 were notably affected by an increase of 91 million in provisions for legal proceedings and a charge of 37 million related to the consolidation of the mortgage portfolio.
For the full year ended October 31, CIBC reported net income of $6.2 billion and adjusted net income of $6.6 billion, compared to net income of $6.4 billion and an adjusted result of 6.7 billion for 2021.
CIBC President and CEO Victor Dodig says the institution has demonstrated its ability to navigate an uncertain operating environment.
The bank says it has maintained strong capital and sound risk management practices.
In addition, CIBC announced an increase in its quarterly common share dividend from $0.83 to $0.85 per share for the quarter ending January 31.
Company quoted in this dispatch: CIBC (TSX: CM)