CIBC Q4 Profit Rises; Lifts Dividend - Quick Facts

(RTTNews) - Canadian Imperial Bank of Commerce (CM, CM.TO) reported Thursday that its fourth-quarter attributable net income increased to $927 million from last year's $776 million. Earnings per share were $2.32, higher than $1.93 a year ago.

CIBC's results for the fourth quarter of 2016 were affected by the following items of note aggregating to a negative impact of $0.28 per share:

Adjusted net income was $1.04 billion, compared to $952 million a year ago. Adjusted earnings per share were $2.60, compared with $2.36 for the fourth quarter a year ago.

On average, 13 analysts polled by Thomson Reuters expected earnings of $1.84 per share. Analysts' estimates typically exclude special items.

Total revenue increased to $3.68 billion from $3.48 billion last year. Analysts were looking for revenues of $2.8 billion.

Net interest income was $2.11 billion, higher than $2.04 billion a year earlier.

Subsequent to year end, CIBC entered into an agreement to sell and lease back 89 retail properties located mainly in Ontario and British Columbia. The closing of the agreement is expected to occur during the first quarter of 2017 and result in an after-tax gain of $247 million.

Separately, the company announced a quarterly dividend increase of three cents from the previous quarter to $1.24 per share.

This dividend is payable on January 27, to shareholders of record at the close of business on December 28, 2016.