Shares of Canadian Imperial Bank of Commerce (CM) surged 5.09% in pre-market trading on Thursday, following the release of its impressive fiscal third-quarter earnings report and announcements of a dividend declaration and share buyback program.
The Toronto-based financial institution reported adjusted earnings of CA$2.16 per share for the quarter ended July 31, significantly surpassing the FactSet analyst consensus estimate of CA$2.01. This represents a notable increase from CA$1.93 per share in the same period last year. CIBC's total revenue for the quarter climbed 9.8% to CA$7.25 billion, outperforming the expected CA$7.05 billion.
Adding to investor optimism, CIBC declared a quarterly dividend of $0.97 per common share, payable on October 28, 2025. The bank also announced plans to launch a share buyback program for up to 2.2% of its outstanding shares over a one-year period, subject to Toronto Stock Exchange approval. These shareholder-friendly moves, coupled with the strong financial performance, have likely contributed to the stock's pre-market rally.