(Photo: The Canadian Press)
Here are highlights of Canadian banks’ latest financial results:
CIBC Bank (CM)
The bank’s net interest margin, a key measure of loan profitability, fell during the quarter, partly due to a trend of more customers switching to fixed-rate deposits. Higher interest rates and therefore higher costs, for example for guaranteed investment certificates.
CIBC’s profits were also hit as the company set aside $436 million in loan loss provisions for the three-month period, compared to $78 million in the year-ago quarter.
Fourth-quarter profit was $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 US dollars in the previous year.
On an adjusted basis, CIBC reported fourth-quarter earnings of $1.39 per share, down from adjusted earnings of $1.68 per share a year ago.
Analysts on average expected the bank to earn $1.72 per share, according to estimates from financial markets data firm Refinitiv.
For the full year, CIBC reported profit of $6.24 billion, or $6.68 per share, on revenue of $21.83 billion, compared with profit 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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