The wealth management unit of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$140m for the third quarter ended 31 July 2015, up C$19m or 16% from C$121m during the same period a year ago.
The division’s revenue during the quarter rose by 11% compared to the year ago period due to higher assets under management (AUM) driven by strong net flows across businesses and market appreciation, and higher fee-based assets in retail brokerage unit.
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The unit recorded adjusted net income of C$143m excluding items of note, up 15% from the year ago quarter due to higher revenue, partially offset by higher expenses.
The bank said its asset management unit achieved record year-to-date net sales of long-term mutual funds of $5.1bn for the quarter.
Overall, CIBC group posted net income of C$978m for the third quarter of 2015, compared to C$921m a year earlier.
CIBC president and CEO Victor Dodig said: "Our strong performance this quarter was supported by excellent results in Retail and Business Banking, Wealth Management and Wholesale Banking. We continue to build a strong, innovative relationship-oriented bank with industry leading ROE and capital strength to deliver sustainable shareholder value."
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