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.
