(Photo: The Canadian Press)
Here are highlights of the latest financial results from Canadian banks:
CIBC (CM)
The bank saw its net interest margin, a key metric for lending profitability, decline during the quarter, due in part to a trend of more customers switching to interest-bearing term deposits, higher interest rates and therefore higher costs, such as guaranteed investment certificates.
CIBC’s earnings were also hurt as it accrued $436 million for credit losses for the three-month period, compared to $78 million in the year-ago quarter.
Fourth quarter earnings were $1.19 billion compared to $1.44 billion in the year-ago quarter, while revenue for the quarter was $5.39 billion compared to 5.06 billion dollars last year.
On an adjusted basis, CIBC said it earned $1.39 per share in the fourth quarter, compared to adjusted earnings per share of $1.68 a year ago.
Analysts on average had expected the bank to earn $1.72 per share, according to estimates by financial markets data firm Refinitiv.
For the full year, CIBC reported earnings of $6.24 billion, or $6.68 per share, on sales of $21.83 billion, compared to earnings of $6.45 billion, or 6 $.96 per share on revenue of $20.02 billion last year.
The bank also increased its quarterly dividend to shareholders by 2 cents to 85 cents per share.
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