CIBC Q1 Results Top Estimates; Declares Dividend - Quick Facts

(RTTNews) - Canadian Imperial Bank of Commerce (CM.TO, CM) on Friday posted first-quarter net income of C$1.87 billion or C$4.03 per share, up 15 percent from C$1.63 billion or C$3.55 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter were C$1.89 billion or C$4.08 per share, compared to C$1.64 billion or C$3.58 per share in the year-ago quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of C$3.67 per share in the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew to C$5.50 billion from C$5.06 billion in the same quarter last year. Analysts estimated the company to report revenues of C$5.21 billion in the quarter.

Separately, the bank also announced that its Board of Directors has declared a quarterly dividend of C$1.61 per share, payable on April 28, to shareholders of record at the close of business on March 28, 2022.