CIBC dividend
CIBC paid C$3.86 per share in fiscal 2025. CIBC’s C$13,838 million of operating cash flow was shaped by deposits and lending, so it does not by itself show that the dividend is covered by cash.
How much does CIBC pay in dividends?
Revenue reached C$29,133 million in fiscal 2025. PCL reached C$2,342 million, up from C$158 million in 2021. Efficiency improved to 54.4% in 2025 from 61.5% in 2023. NIM was 1.6% and ROE 14.3%; the test is whether credit costs let that return endure. EPS was C$8.57; dividends were C$3.86 per share and buybacks C$1.84 per share. At 15.0x trailing P/E and 2.4x price-to-book, the book premium depends on durable returns. The 2.8% dividend yield depends on earnings, capital and credit costs.
| Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 8.57 | 7.28 | 5.17 | 6.68 | 6.96 |
| − Dividends, per share | 3.86 | 3.59 | 3.44 | 3.26 | 2.91 |
| − Share buybacks, per share | 1.84 | 0.44 | 0.00 | 0.15 | 0.00 |
| = Kept, per share | 2.88 | 3.24 | 1.73 | 3.27 | 4.05 |
Is CIBC’s dividend covered by its cash?
Fiscal 2025 operating activities generated C$13,838 million. Deposits supplied cash while lending used cash, and provisions and other non-cash items also shaped the total. That figure is not a simple cash-conversion measure.
CIBC invested C$1,109 million in property, equipment, software and other intangible assets. The filings do not cleanly separate maintenance from growth, and many controls and technology costs run through expenses. Rising book value per share and tangible book value show that equity accumulated, but future credit losses could reduce that progress. The final test is whether CIBC can fund investment, absorb realistic losses, preserve its buffers and still distribute capital safely.
| Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| = Earnings for common shareholders | 8,065 | 6,852 | 4,734 | 6,049 | 6,271 |
| − Dividends declared on common shares | 3,629 | 3,382 | 3,149 | 2,954 | 2,622 |
| − Share buybacks | 1,731 | 419 | 0 | 134 | 0 |
| = Kept to grow and build capital | 2,705 | 3,051 | 1,585 | 2,961 | 3,649 |
| Paid out, % of earnings for common | 66.5% | 55.5% | 66.5% | 51.0% | 41.8% |
What could change CIBC’s dividend?
Dividends rise gradually in the base case, from 4.56 per share to 4.92 and then 5.31. The bear case holds at 4.28 in each period because the current 1.07 quarterly dividend is maintained without an increase. The bull case reaches 4.64, 5.10 and 5.61 as earnings and capital generation strengthen. The base follows roughly 8% annual growth, consistent with management’s EPS ambition and its 40%–50% payout target. CIBC raised fiscal-year dividends from 2.92 in 2021 to 3.88 in 2025, but rising impaired loans argue against assuming uninterrupted increases.
The base case would gain support if EPS growth remains within management’s 7%–10% ambition, operating leverage stays positive and credit costs remain manageable. Continued dividends and measured buybacks would confirm that capital generation is supporting per-share growth.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 61,400 (60,500 / 61,700) | 65,530 (63,800 / 66,100) | 70,360 (68,500 / 71,200) |
| Shares (millions) | 889 (904 / 885) | 877 (905 / 869) | 866 (906 / 854) |
| Dividends per share | 4.56 (4.28 / 4.64) | 4.92 (4.28 / 5.10) | 5.31 (4.28 / 5.61) |
| Price to book value | 2.35 (2.05 / 2.55) | 2.40 (1.85 / 2.70) | 2.45 (1.65 / 2.85) |