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August 24, 2017updated 28 Aug 2017 5:56am

CIBC Canadian wealth unit net income surges 73% in Q3

The Canadian wealth management arm of Canadian Imperial Bank of Commerce (CIBC) has posted net income of CAD136m ($108.5m) for the third quarter of 2017, a fall of CAD370m ($295.4m) or 73% over the year ago period.

The bank said that the third quarter performance included a gain of CAD383m, net of transaction costs, on the sale of the bank’s minority investment in American Century Investments.

The unit’s adjusted net income during the quarter increased CAD12m or 10% to CAD136m, due to higher revenue.

Net income at CIBC’s US Commercial Banking and Wealth Management division was CAD40m in the third quarter of 2017, up CAD17m or 74% compared to the year ago period.

Overall, the banking group reported net income of CAD1.09bn ($875.6m) for the third quarter of 2017, a decline of 24% from CAD1.44bn ($1.1bn) in the same period last year.

At 31 July 2017, the bank’s Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios stood at 10.4%, 11.9% and 13.6%, respectively.

CIBC president and CEO Victor Dodig said: “Our strong results this quarter reflect solid contributions from our strategic business units, as well as our acquisition of The PrivateBank, which closed in June. This acquisition expands CIBC’s geographical reach delivering enhanced growth opportunities and is a pivotal milestone as we create a strong cross-border platform, and continue to build a client-first culture that strengthens and deepens our relationships with clients.”

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