CIBC (TSX: CM) is a Toronto, Canada-based financial institution, serving clients through three strategic business units: Retail and Business Banking, Wealth Management and Wholesale Banking.
CIBC shares have edged lower in trading today even as the company announced a dividend hike. CIBC shares were last trading 1.01% lower at $102.32 on above average volume of 1.18 million.
CIBC announced that its Board of Directors declared a dividend of $1.21 per share for the quarter ended July 31, 2016, an increase of 3 cents from the previous quarter. The Board also declared a dividend on the company’s Class A Preferred shares.
CIBC also announced its financial results for the second quarter of its fiscal 2016. The bank reported net income of $941 million, compared to $911 million reported for the same period in the previous year. Adjusted net income for the quarter was $962 million, compared to $924 million reported for the same period in the previous year.
Victor G. Dodig, President and CEO at CIBC, said that the bank delivered solid results in the second quarter, with strong revenue and earnings growth across business units. Dodig further said that CIBC is continuing to transform itself to enhance client experience while delivering value to its shareholders.
