CIBC grows first quarter net income to $1.41 billion on $4.21 billion of revenue

CIBC has $1.41 billion in quarterly income

TORONTO — CIBC increased its first-quarter net income to $1.41 billion, up from $982 million a year ago.

The quarterly earnings amounted to $3.50 per diluted share, compared with $2.43 per diluted share during the same period last year.

The bank (TSX:CM) also boosted its quarterly dividend by three cents to $1.27 per share, payable on April 28.

On an adjusted basis, the Toronto-based bank (TSX:CM) had $1.17 billion of income, or $2.89 per share, compared with $1.03 billion, or $2.55 per share, during the first quarter of 2016.

Quarterly revenue was $4.21 billion, up from $3.59 billion a year ago.

“In the first quarter, CIBC delivered strong performance across retail and business banking, wealth management and capital markets,” CIBC president and CEO Victor Dodig said in a statement.

“We are executing well on our strategy to build a strong, innovative, relationship-oriented bank.”

 

Follow @alexposadzki on Twitter.

The Canadian Press

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