The wealth management arm of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$113m for the second quarter of fiscal 2016, down 12% from C$128m a year ago.
The unit’s adjusted net income excluding items of note was C$115m, a fall of 14% from C$133m in the prior year. The bank said that the drop in income was driven by lower revenue partially offset by lower expenses.
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The division’s revenue for the quarter was down C$31m or 5%, due to the announced sale of ACI in December 2015.
Overall, CIBC group posted net income of C$941m for the second quarter of fiscal 2016, up 3.3% from C$911m during the same quarter in 2015.
CIBC president and CEO Victor Dodig said: "CIBC delivered solid results in the second quarter, with strong revenue and earnings growth across business units. We are continuing to transform our bank to enhance client experience while delivering value to our shareholders."
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