The wealth management arm of Canadian Imperial Bank of Commerce (CIBC) has posted net income of C$154m for the second quarter of fiscal 2017, a jump of 36% compared to C$113m in the second quarter last year.
Total revenue during the quarter was C$659m, an increase of 13% from C$583m in the year ago period.
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Non-interest expenses were C$461m, up 7% from C$432m a year ago.
Overall, the banking group registered net income of C$1.05bn in the second quarter of fiscal 2017, up 11% from C$941m a year earlier.
As at 30 April 2017, the bank’s Basel III common equity tier 1, tier 1 and total capital ratios stood at 12.2%, 13.5% and 15.4%, respectively.
CIBC president and CEO Victor Dodig said: “In the second quarter, each of our business units performed well. We delivered robust growth with continued progress on CIBC’s integrated bank-wide priorities to deepen client relationships, foster innovation that our clients want and simplify our bank. In addition, after the end of the quarter, we marked an important milestone with PrivateBancorp, Inc. shareholders voting overwhelmingly in favour of our proposed merger.
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By GlobalData“We are now focused on obtaining the remaining regulatory approvals and finalizing our integration plans as we work toward closing the deal in June.”
