CIBC has recorded $1,730m in net income in Q3 2021, 48% higher year-on-year from $1,172m.
However, it is only 5% higher than the $1,651m earned by CIBC in Q2 2021.
Adjusted net income for the bank in Q3 2021 totalled $1,808m, a 45% rise year-on-year for CIBC from $1,243m.
Total revenue for the quarter was $5,056m, up from $4,708m in Q3 2020. For the year to date, total revenue stands at $14,951m.
“We continue to deliver purpose-driven growth across all of our business units as we work with our clients to help them achieve their ambitions. This quarter’s record top-line revenue and earnings per share underscore the breadth and quality of the growth we have across all of our key business units, as we continue to successfully navigate an uncertain environment by staying focused on our clients and on the wellbeing of our team,” said Victor Dodig, president and CEO, CIBC.
“This quarter we continued to make strategic investments in our future growth as we have throughout the pandemic.”
Wealth management for CIBC in Q3 2021
The Canadian Commercial Banking and Wealth Management arm reported net income of $470m for the quarter, up $150m or 47% from the same time period in 2020. This was attributed to high revenue and a reversal of loan loss provisions in the quarter. However, this was partially offset by higher expenses.
Furthermore, pre-provision, pre-tax earning were up $96m, up 19% year-on-year, due to higher fee revenue and strong volume growth in commercial banking.
Wealth management revenue benefitted from growth in asset balances, according to CIBC, driven by market appreciation, record mutual fund sales, and an increased level of investment activity by clients.
US Commercial Banking and Wealth Management saw net income of$266m in Q3 2021, an increase of $206m or 343% year-on-year. Without items of note, adjusted net income was $279m, up $204m or 272% from Q3 2020 due to a reversal of loan loss provisions as well.