Canadian Imperial Bank of Commerce (CM, Financial) reported better-than-expected Q4 earnings for fiscal 2024, driven by improved credit quality and a recovering U.S. commercial real estate sector. The bank's adjusted earnings per share reached CAD 1.91, surpassing the forecast of CAD 1.79. Credit loss provisions were CAD 419 million, significantly below the anticipated CAD 547 million, marking a 23% decrease from the previous year.
The bank's U.S. division saw a 67% drop in credit loss provisions, tripling net profit. Overall adjusted profit rose 24% to CAD 1.9 billion, with a return on equity of 13.4%. Total revenue increased by 10%, and adjusted profit grew by 12% to CAD 7.3 billion. The quarterly dividend was raised by 7.8% to CAD 0.97 per share. Shares rose nearly 3% pre-market.
