This plan balances our lower risk approach with sustainable strategic growth and does not include large and transformational acquisitions.
This morning’s announced capital actions are consistent with our strategic plans. Today, we declared a $0.04 increase in our quarterly common dividend. This increase leaves us within our pay out range of 40 to 50%. We also announced our intention to commence a normal course issuer bid to repurchase up to 8.1 million common shares or approximately 2% of shares outstanding.
And lastly, we announced our plans to redeem 300 million of Series 18 preferred shares at the end of Q4.
I will now review the financial results and strategic developments for each of our business. Retail and Business Banking reported net income of 594 million for the third quarter of 2012, up 8% from Q3 of last year. Revenue for the quarter was 2.1 billion, up 2% from a year ago. Credit quality in our retail portfolios continues to be stable. Provisions for credit losses were relatively flat year over year. Operating leverage remained positive despite a planned increase in investment initiatives that support our client focus.Our strategy in Retail and Business Banking is focused on enhancing the client experience and accelerating profitable revenue growth. Supporting these objectives are three main priorities; building deeper relationships with our clients, enhancing our sales and service capabilities and acquiring and retaining clients consistent with our objectives. Deeper relationships are foundational to what we are trying to achieve. In April we launched the total banking rebate offer, which provides discounted fees for clients who hold four or more products with CIBC. Read the rest of this transcript for free on seekingalpha.com