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CIBC’s Profit Rises 11% To $1.69 Billion

Canadian Imperial Bank of Commerce (CM) has reported a fiscal second quarter profit of $1.69 billion, up 11% from $1.52 billion a year earlier.

The Toronto-based lender reported that its revenue in fiscal Q2 totalled $5.70 billion, up 6% from $5.38 billion a year ago.

CIBC increased its provisions to cover potentially bad loans to $438 million in the latest quarter, up 45% from $303 million a year earlier.

Along with its earnings, CIBC announced that it is raising its quarterly dividend payment by 2%.

Going forward, the bank will pay stockholders a quarterly dividend of $0.87 per share, up from $0.85 previously.

CIBC’s stock has declined 21% over the last 12 months to trade at $55.64 per share.