Two more of Canada’s big banks have beaten analyst estimates with their latest quarterly financial results.
CIBC (TSX:CM) says its first-quarter net income was up nearly 50 per cent from last year, rising to $1.177 billion of net income.
The big increase was partly due to CIBC’s sale of half its Aeroplan credit card business to Toronto-Dominion Bank (TSX:TD).
Meanwhile, Toronto-Dominion Bank (TSX:TD) had $2.042 billion of net income in the first quarter, up 14 per cent from a year earlier.
The two banks also announced increases to their quarterly dividend.
TD’s dividend will be rising by nine per cent to 47 cents per share while CIBC’s will be going up about two per cent to 98 cents per share.
CIBC and TD also announced higher adjusted earnings than analysts were expecting, joining most of the other big Canadian banks in performing better than expected in the first quarter.
CIBC’s adjusted net income was up 6.3 per cent to $951 million from $882 million in the first quarter of 2013.
As a result, CIBC adjusted earnings rose to $2.31 per share, compared with $2.12 for the prior year quarter – 15 cents above the Thomson Reuters estimate of $2.16 per share.
TD’s adjusted net income was $2.024 billion, or $1.06 per common share – up six per cent from a year earlier and two cents per share above the estimate of $1.04 per share.