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CIBC fiscal Q1'18 profit slides; hikes dividend

Canadian Imperial Bank of Commerce on Feb. 22 reported net income attributable to common shareholders of C$1.31 billion, or C$2.95 per share, in the fiscal first quarter of 2018. This was lower than the year-ago figure of C$1.39 billion, or C$3.50 per share.

The recent quarter's results were impacted by a C$88 million charge due to the recent tax reform in the U.S., a C$24 million post-tax amortization of intangible assets and a net positive post-tax impact of C$7 million related to the acquisitions of PrivateBancorp Inc. and wealth manager Geneva Advisors LLC.

Adjusted net income attributable to common shareholders was C$1.41 billion, or earnings per share of C$3.18. The S&P Capital IQ consensus normalized EPS estimate for the recent quarter was C$2.84.

Core business performance was a mixed bag. Canadian commercial banking and wealth management net income added C$38 million year over year to C$314 million, and U.S. commercial banking and wealth management net income grew by C$105 million to C$134 million. Meanwhile, net income from Canadian personal and small business banking was down C$149 million to C$656 million and capital markets net income slipped C$25 million to C$322 million.

Provision for credit losses was C$153 million, down C$59 million from a year ago, mainly due to a reduction in allowance for non-impaired loans.

The Toronto-based bank also increased its quarterly dividend to C$1.33 per share from $1.30 per share.