(Toronto) CIBC has cashed in one year a decline of 4% of its net income for the third quarter, which fell from 1.73 billion to 1.666 billion this year.
Posted at 6:31 a.m.
During the same period, diluted earnings per share declined from $1.88 to $1.78.
Adjusted net income fell from 1.808 billion to 1.724 billion. Adjusted diluted earnings per share went from $1.96 to $1.85.
CIBC’s Capital Markets business reported net income of $447 million in the third quarter, 9% lower than the third quarter last year, primarily due to higher expenses and the decrease in the reversal of the provision.
The Commercial Banking and Wealth Management segment, United States region, reported net income of CAN 193 million, down CAN 73 million. Meanwhile, Personal and Small Business Banking, Canada Region, reported net income of $595 million, down $47 million year-on-year, or 7%.
The Toronto-based institution says results for the third quarter of 2022 were impacted by the items which, taken together, resulted in a negative impact of $0.07 per share. This includes $50 million for costs related to the acquisition of the Canadian Costco credit card portfolio and $27 million for amortization of acquisition-related intangible assets.
CIBC President and CEO Victor G. Dodig believes that in the third quarter, the institution still generated solid growth across its businesses.
On the other hand, CIBC announces that its Board of Directors has declared a dividend of $0.83 per common share for the quarter ending October 31st.