CIBC, the country’s fifth largest bank, reported Q3 profit of $841 million, up from $591 million for the same period last year.
The bank also hiked its quarterly dividend by 4 cents to 4.4% per share and made public its intention to purchase approximately 2% of its outstanding common shares, subject to the approval of the Toronto Stock Exchange.
Gerry McCaughey, president and chief executive officer, CIBC, credited broad-based performance across core businesses for the bank’s “solid results.”
“The dividend increase announced today, and our intention to repurchase common shares, reflects our confidence and underscores our commitment to creating value for our shareholders,” he said.
The bank also reported its diluted earnings per share (EPS) were $2.00, compared with $1.33 a year ago while adjusted diluted EPS were $2.06 (1), compared with $1.93(1) a year ago.