Third big six Canadian bank announces earnings for the fourth quarter
CIBC announced early Thursday that its fourth quarter revenue was up 13% year-over-year at $6.6 billion, while adjusted net income was up 27% to almost $1.9 billion.
"Our bank delivered record financial performance in 2024 through the consistent execution of our client-focused strategy across business lines and across borders, driving growth for our bank through client relationships and delivering value for all of our stakeholders," said Victor Dodig, CIBC President and CEO.
Dodig thanked the CIBC team for their efforts in ensuring a strong culture and delivering strong client experience, as highlighted by the bank’s net promoter scores that included top-tier results across its relationship intensive programs in Commercial Banking and Wealth Management in Canada and the US.
Wealth management remains an important focus for the banking group in 2025, Dodig stated.
“We enter the new fiscal year focused on our strategic priorities of driving growth in the mass affluent and high-net-worth client segments, building on our strength in digital to serve consumers, leveraging our connected platform to grow our wealth management, commercial banking and capital markets businesses, and enabling, simplifying and protecting our bank," he said.
Among the highlights of 2024 for CIBC are 613,000 net new clients across its CIBC and Simplii Financial operations and the launch of a custom-built AI platform internally and a Generative AI pilot with frontline team members.
CIBC will pay a $0.97 dividend on common shares for the quarter ending January 31, 2025, an increase of 7 cents.
RBC, Scotiabank
RBC and Scotiabank announced their fourth quarter earnings Wednesday, while BMO and TD are also due to release results Thursday.
RBC’s reported net income was up 11% to $16.2 billion with adjusted net income rising 10% to $17.4 billion.
“One of our year’s defining moments was the acquisition of HSBC Bank Canada, which marked a pivotal milestone in our client-driven growth story and strengthened our position as a competitive global financial institution,” said Dave McKay, RBC president and CEO. “We also elevated a new generation of leaders across the bank to continue delivering trusted advice and experiences to rival the best in any industry.
Scotiabank’s reported net income was almost $1.69 billion, up from $1.35 billion a year earlier, with adjusted net income of $8.63 billion for the fiscal year 2024, up from $8.4 billion in the previous year.
Global wealth management was one of the bank’s highlights, rising 10% year-over-year.
"2024 was a foundational year for Scotiabank as we launched and made early progress against our new strategy. The Bank delivered solid revenue growth and positive full year operating leverage, while redeploying capital to our priority markets across the North American corridor," said Scott Thomson, president and CEO. "While I am encouraged by our strategic progress to date, there is significant work ahead as we focus on client primacy initiatives to drive enhanced profitability across our businesses. I am confident that we are on track to achieve the targets we laid out at our Investor Day for 2025.”
