05:59 AM EST, 12/05/2024 (MT Newswires) -- CIBC (TSX and NYSE: CM) was at last look up 3.7% in US premarket on Thursday after it banked a fourth-quarter earnings beat and increased its dividend as it moves forward with plan of "driving growth in the mass affluent and high-net-worth client segments."

The bank reported Q4 diluted earnings per share of $1.90 versus $1.53 a year earlier and adjusted diluted EPS of $1.91 versus $1.57. FactSet forecast EPS and adjusted EPS of $1.79 each.

CIBC said the results were affected by the following items of note aggregating to a negative impact of $0.01 per share: $12 million ($9 million after-tax) amortization and impairment of acquisition-related intangible assets; and $3 million ($2 million after-tax) reversal related to the special assessment imposed by the Federal Deposit Insurance Corporation (FDIC) on U.S. depository institutions, which impacted CIBC Bank USA (U.S. Commercial Banking and Wealth Management.

Provisions for credit losses fell to $419 million in the quarter, down 23% from the same three months last year.

The company boosted the dividend to $0.97 per share on common shares for the quarter ending Jan. 31, an increase of $0.07 per share from the previous quarter.

"Thanks to our CIBC team, in 2024 we continued our robust net client growth, improved our strong client experience scores, and continued to build a connected culture across our bank to serve our clients," said Victor Dodig, CIBC president and chief executive.

CIBC was at last look up $2.37 at $65.99.