06:11 AM EDT, 05/30/2024 (MT Newswires) -- Canadian Imperial Bank of Commerce ( CM ) on Thursday reported an earnings beat in the second quarter.

The bank reported fiscal second-quarter adjusted net income of $1.72 billion, or $1.75 per diluted share, up 6% from $1.63 billion, or $1.70 per diluted share, a year earlier. Analysts polled by Capital IQ expected $1.64.

Revenue for the quarter ended April 30 was $6.16 billion, up 8% from $5.70 billion a year earlier. Capital IQ analysts expected $6.08 billion.

Adjusted return on common shareholders' equity for the quarter was 13.4% versus 13.9% a year earlier. The common equity tier 1 ratio for the quarter was 13.1%, up from 11.9% a year ago.

Factors that resulted in a positive impact of $0.04 per share include a $13 million charge related to the special assessment imposed by the Federal Deposit Insurance Corp. on US depository institutions; a $51 million recovery to income tax that will be eliminated by the substantive enactment of a Federal tax proposal to deny the dividends received deduction for banks; and $14 million amortization of acquisition-related intangible assets.

The bank's board maintained a dividend of $0.90 per share on common shares for the quarter ending July 31. The dividend will be paid on July 29 to shareholders of record at the close of business on June 28.

The company's shares, which fell 2.3% in Canada yesterday, rose more than 6% in U.S. premarket trading on Thursday.