Victor Dodig’s overhaul of Canadian Imperial Bank of Commerce is paying off.
Bloomberg News reports that total returns and profitability at the former underdog of Canadian banking are top among its peers and its dividend yield is the fattest of the nation’s five largest banks.
With the bank’s domestic operations sharpened, the chief executive officer is on the hunt for a U.S. acquisition that could help diversify its operations.
“On a five-year and 10-year basis, if this leadership team can deliver total shareholder returns that are at the top of the heap, that would be a very good outcome,” Dodig, 50, said an an interview in Vancouver Tuesday, where the bank held its annual meeting.
The Toronto-based lender had a total return of 11% in the 12 months through March 31, more than double the 5.4% advance of the eight-company Standard & Poor’s/TSX Commercial Banks Index, due in part to raising its dividend for six straight quarters.
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