Financial results unveiled Thursday by CIBC reveal an increase in net income for the fourth quarter and for the full year 2016.
Net income was $ 931 million or $ 2.32 per share in the fourth quarter, compared with $ 778 million or $ 1.93 per share a year ago.
For the year ended October 31, 2016, CIBC recorded net income of $ 4.3 billion and adjusted net income of $ 4.1 billion compared to net income of $ 3.6 billion and adjusted net income of $ 3.8 billion for 2015.
The bank notes that its fourth quarter results were particularly affected by restructuring charges of $ 134 million, primarily related to severance payments that were paid.
Victor G. Dodig, President and Chief Executive Officer of CIBC, said the company achieved record net earnings in 2016 and reported the strongest equity in the sector and the best return on equity among large banks Of North America.