CIBC fourth quarter net income rises to cap record annual profit

TORONTO - CIBC is reporting $1.16 billion of net income in its fourth quarter, up 25 per cent from $931 million during the same period last year, on strong performances across its divisions.

The Toronto-based bank (TSX:CM) says its net income for the three months ended Oct. 31 amounted to $2.59 per diluted share, compared with $2.32 per share during the same period in 2016.

On an adjusted basis, CIBC's profit amounted to $2.81 per share in the fourth quarter, up eight per cent from $2.60 per share in the fourth quarter of 2016.

That beat the $2.59 in adjusted earnings per share expected by analysts surveyed by Thomson Reuters.

Revenue for the quarter totalled $4.27 billion, up 16 per cent from $3.68 billion in the same period a year ago.

For its full financial year, the Canadian lender's net income attributable to equity shareholders was $4.7 billion, compared with $4.28 billion for its 2016 financial year, while revenue for the full year was $16.28 billion, up from $15.04 billion.

"In 2017, CIBC delivered record net income driven by strong performance across all of our strategic business units, as well as our acquisition of The PrivateBank," says Victor Dodig, CIBC's president and chief executive in a statement.

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