CIBC fourth-quarter profit beats expectations, raises dividend

Thu Dec 3, 2015 6:23am EST
 
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TORONTO Dec 3 (Reuters) - Canadian Imperial Bank of Commerce reported a fourth-quarter profit that beat market expectations on Thursday, helped by growth in its retail banking and capital markets segments, and raised its quarterly dividend.

Net income for the quarter ended Oct. 31 was C$778 million, or C$1.93 per share, compared with C$811 million, or C$1.98 per share, in the fourth quarter of 2014. Excluding special items, earnings rose to C$2.36 per share.

Analysts on average had expected earnings of C$2.34 a share, according to Thomson Reuters I/B/E/S. (Reporting by John Tilak, editing by David Evans)