CIBC profit jumps 25% in 4th quarter to record $4.7B for the year

CIBC is reporting net income of $1.16 billion in its fourth quarter, up 25 per cent from $931 million during the same period last year, on strong performances across its divisions.

The Toronto-based banksays its net income for the three months ended Oct. 31 amounted to $2.59 per diluted share; it was$2.32 per share during the same period in 2016.

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On an adjusted basis, CIBC's profit amounted to $2.81 per share in the fourth quarter, up eight per cent from $2.60 per share in the fourth quarter of 2016.

That beat the $2.59 in adjusted earnings per share expected by analysts surveyed by Thomson Reuters.

Revenue for the quarter totalled $4.27 billion, up 16 per cent from $3.68 billion in the same period a year ago.

For its full financial year, the Canadian lender's net income attributable to equity shareholders was $4.7 billion, compared with $4.28 billion for its 2016 financial year, while revenue for the full year was $16.28 billion, up from $15.04 billion.