Canadian Imperial Bank of Commerce beat analysts’ fourth-quarter earnings expectations on Thursday, driven by growth in its capital markets segment.

CIBC’s net income for the three months ending Oct. 31 was $2.18 billion, up 16 per cent from $1.88 billion in the same quarter a year ago, resulting in net earnings per share of $2.20.

Its adjusted net income — which removes the impact of non-recurring items — was $2.19 billion, compared to $1.89 billion last year, resulting in adjusted earnings per share of $2.21, which beat analysts’ expectations of about $2.08 per share.

The bank increased its quarterly dividend by 10 cents to $1.07 per share for the quarter ending Jan. 31, 2026.

“We delivered record financial performance in 2025,” chief executive Harry Culham, who took over from Victor Dodig in November, said in a statement on Thursday. “In a dynamic operating environment, our proactive and disciplined approach to managing our business, our resilient capital position and our deep client relationships supported robust growth.”

National Bank of Canada , Bank of Nova Scotia and Royal Bank of Canada have also beaten analysts’ fourth-quarter expectations this week.

Two of the three CEOs said uncertainty in the economy continues to persist despite the recent steps announced by the Canadian government to speed up key economic projects and lower its reliance on the United States, which has slapped tariffs on.

CIBC’s total provisions for credit losses, the amount of money banks keep aside to tackle potentially bad loans, was $605 million in the fourth quarter, up $186 million, or 44 per cent, from a year ago.

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The bank’s net income in its capital markets segment increased 58 per cent year over year in the quarter, while its net income in its U.S. Commercial Banking and Wealth Management segment increased by 35 per cent.