CIBC raised its quarterly dividend as it reported a second-quarter profit of $1.69 billion.

The bank says it will now pay a quarterly dividend of 87 cents per share, up from 85 cents.

The increased payment to shareholders came as CIBC reported its net income amounted to $1.76 per diluted share for the quarter ended April 30, up from $1.52 billion or $1.62 per diluted share a year earlier.

Revenue totalled $5.70 billion, up from $5.38 billion in its second quarter last year, while its provision for credit losses amounted to $438 million, up from $303 million a year earlier.

On an adjusted basis, CIBC says it earned $1.70 per diluted share in its latest quarter, down from an adjusted profit of $1.77 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.63 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 25, 2023.