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Market Call Greg Newman's Top Picks
Greg Newman, senior wealth advisor and portfolio manager at Scotia Wealth
Management, discusses his top picks: ARC Resources, Finning International, and
Keyera.
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out: Alan Blinder
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Basinger
* BNN Bloomberg's mid-morning market update: May 27, 2022
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Schamotta
* Gap lowers full-year earnings: US$0.40 to US$0.70 per share, below previous
est. US$1.80 to US$2.05
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market strategist
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Murray
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* BNN Bloomberg's closing bell update: May 26, 2022
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* Our bookings are up 500% over last year: Cedric Mathieu
* Russia's invasion of Ukraine has made getting off of fossil fuels a priority:
Managing partner
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* Investors are looking out nine months ahead: Liz Miller
* 'Trough levels': National Bank analysts see nearly 50% upside for BRP
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slowly: Allan Small
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* COMPANY NEWS
May 26, 2022
CIBC RAISING DIVIDEND DESPITE PROFIT STUMBLE IN Q2
By Noah Zivitz
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The Open RBC and CIBC raise their dividends
Statistics Canada says retail sales were virtually unchanged in March at $60.1
billion as sales at new car dealers fell to help offset gains elsewhere. BNN
Bloomberg's Kumutha Ramanathan reports.
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Linkhttps://www.bnnbloomberg.ca/cibc-raising-dividend-despite-profit-stumble-in-q2-1.1770890?jwsource=cl
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RBC AND CIBC RAISE THEIR DIVIDENDS
VIDEO SIGN OUT
Noah Zivitz
Managing Editor, BNN Bloomberg
Follow|Archive
Canadian Imperial Bank of Commerce became the latest Big Six lender to announce
a dividend hike, despite a drop in profit drop in its latest quarter.
The bank's net income fell eight per cent year-over-year to $1.52 billion in the
fiscal second quarter, which ended April 30. On an adjusted basis, it earned
$1.77 per share; analysts, on average, anticipated $1.78 in per-share profit.
While CIBC bucked a trend by posting profit growth in its capital markets
division during the quarter, its overall profitability took a hit as credit
quality deteriorated.
Across the entire institution, CIBC booked $303 million in loan loss provisions
during the fiscal second quarter. That's almost a 10-fold increase from a year
earlier when it had $32 million in provisions. In the preceding quarter, CIBC
logged $75 million in provisions.
In a release, CIBC said its acquisition of Costco's Canadian credit card
portfolio was one of the reasons for the surge in money set aside for loans that
could go bad. That deal with Costco was announced last September; at the time,
CIBC said the portfolio (which was previously owned by Capital One Financial
Corp.) had about $3 billion in balances. Analysts suggested the primary
motivation for the deal was an opportunity for CIBC to cross-sell customers.
“On the face of it, CIBC reported an in-line result, but dig a little deeper and
the moving parts are interesting,” wrote Meny Grauman, an analyst with
Scotiabank’s global equity research team, in a report to clients. He said the
loan loss provisions “masked” revenue that rose nine per cent year-over-year.
The profit deterioration was most pronounced in CIBC's core Canadian personal
and business banking unit, where net income slid 18 per cent year-over-year to
$496 million. Loan loss provisions in the division almost tripled sequentially
to $273 million from $98 million in the fiscal first quarter.
In addition to the downturn in credit quality in the latest quarter, CIBC also
saw its non-interest expenses jump 13 per cent year-over-year to $3.11 billion.
“We delivered well-diversified growth across our bank in the second quarter as
we continued to invest to execute our client-focused strategy and further build
on our momentum. … As we go forward, we'll continue to take a purpose-led
approach as we navigate the evolving operating environment,” said CIBC Chief
Executive Officer Victor Dodig in a release.
CIBC also said Thursday its Common Equity Tier 1 capital ratio dipped to 11.7
per cent from 12.2 per cent in the prior quarter.
However, in news that's likely to be welcomed by investors, the bank announced
its quarterly dividend will rise to $0.83 per share from $0.805 as of the July
28 payment. BMO Financial Group and Bank of Nova Scotia announced dividend hikes
Wednesday when they launched earnings season for the country’s big banks.
CAN IMPERIAL BK OF COMMERCE (CM:CT)
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