CIBC’s Profit Is Going Up To $1.30 Per Share After Posting Net Income

CIBC is reporting almost $1.1 billion of net income and an expansion to its quarterly dividend for its fiscal third quarter.

The earnings added up to $2.60 per regular share, down from $3.61 per share in CIBC’s 2016 third quarter.

The Toronto-based bank says the current year’s third quarter included higher provisions for lawful costs and expenses related with its procurement of PrivateBank.

When the arrangement closed in June, the Chicago-based wealth management firm cost CIBC about $5 billion US in cash and stock.

After alterations, CIBC earned $2.77 per share or $1.167 billion, up from $1.07 billion in a year ago’s third quarter, while revenue was on a standard with a year ago at $4.1 billion.

CIBC’s dividend is going up to $1.30 per share with its next installment, up three cents or around 2.4 percent from the past rate.