March 27, 2023

The Queens County Citizen

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CIBC boosted profits by 42% to $ 1.44 billion

CIBC boosted profits by 42% to $ 1.44 billion

(Toronto) CIBC reported a net income of $ 1.44 billion in the fourth quarter of the current fiscal year, or $ 3.07 per share, down 42% from $ 1.016 billion or $ 2.20 per share for the corresponding quarter of fiscal year 2020.

Adjusted net income for the quarter ended October 31 was up 23% from $ 1.28 billion to $ 1.573 billion during the same period.

CIBC reports that fourth-quarter 2021 results were particularly affected by the $ 109 million charge related to the consolidation of the mortgage portfolio.

For the full year ended October 31, CIBC reported net income of $ 6.4 billion and adjusted net income of $ 6.7 billion, with reported net income of $ 3.8 billion. Billion and adjusted net income by 4.4 billion by 2020.

CIBC President and CEO Victor Dodig noted that in 2021, the financial institution has delivered strong financial performance with growth in all its strategic business segments.

For the quarter ended January 31, CIBC announced that it was raising its quarterly dividend from $ 1.46 per share to $ 1.61.

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