CIBC sees revenue and expenses rise as it focuses on growth, raises dividend

The bank reported Thursday that revenue was up 10 per cent in the fourth quarter from a year ago to $5.06 billion thanks to volume growth in lending, growth in transaction fees, and adding clients in its capital markets division.

"The overarching theme at our bank, and our strategic focus as a leadership team is to continue to invest to grow market share at the expense of our competition." Analysts on average had expected the bank to report an adjusted profit of $3.53 per share, according to financial markets data firm Refinitiv.

"The message on expenses from this bank continues to emphasize further reinvestment in the business, but despite an inflation headwind in F2022 management continues to expect positive operating leverage for the year as a whole thanks to continued strong revenue growth." The increased payment to shareholders and share buyback follow moves by several other large Canadian banks this week after the federal banking regulator lifted restrictions last month on dividend increases, share buybacks and increases in executive compensation that were put in place at the start of the pandemic.

And raises interest on credit cards and lowers interest paid on low amount savings accounts.

And wages

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CIBC posts higher profit, lifts dividend 10%Lender reaps higher fees from wealth management and U.S. and Canadian banking arms Generic new logo. Very Very disrespectful.
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CIBC reports $1.4B fourth-quarter profit, raises quarterly dividendCIBC raised its dividend Thursday as it reported a fourth-quarter profit of $1.4 billion, up from a profit of $1 billion in the same quarter last year. Good for them .. And I make diddly in interest...go figure Of course their profits went up, they fucking increased interest rates on their credit cards. cibc this is my response to you. 👇👇👇
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CIBC reports $1.4B fourth-quarter profit, raises quarterly dividendCIBC raised its dividend Thursday as it reported a fourth-quarter profit of $1.4 billion, up from a profit of $1 billion in the same quarter last year. Good for them .. And I make diddly in interest...go figure Of course their profits went up, they fucking increased interest rates on their credit cards. cibc this is my response to you. 👇👇👇
Source: CTVNews - 🏆 1. / 99 Read more »

CIBC posts higher profit, lifts dividend 10%Lender reaps higher fees from wealth management and U.S. and Canadian banking arms Generic new logo. Very Very disrespectful.
Source: nationalpost - 🏆 10. / 80 Read more »