CIBC reports Q1 profit up, beats expectations and proposes stock split


Published February 25, 2022 at 6:24 am

TORONTO — CIBC proposed a two-for-one stock split as it reported a first-quarter profit that rose compared with a year ago and topped expectations.

The big bank says the share split is subject to approval by shareholders at its annual meeting set for April 7 as well as requirements of the Toronto Stock Exchange and New York Stock Exchange. Under the plan, shareholders of record on May 6 would receive one additional share on May 13 for every share held on the record date.

The move came as CIBC reported a profit of $1.87 billion or $4.03 per diluted share for the quarter ended Jan. 31, up from $1.63 billion or $3.55 per diluted share in the same quarter a year earlier.

Revenue totalled $5.50 billion for the quarter, up from $4.96 billion, while provisions for credit losses amounted to $75 million compared with $147 million in the same quarter last year.

On an adjusted basis, CIBC says it earned $4.08 per diluted share for the quarter, up from an adjusted profit of $3.58 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $3.67 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 25, 2022.

Companies in this story: (TSX:CM)

The Canadian Press

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