The wealth management unit of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$117 million for the second quarter, up C$26 million or 29% from the second quarter a year ago.
For the quarter ended 30 Aril 2014, revenue was C$548 million, up C$105 million or 24% compared with the second quarter of 2013.
According to the bank, the rise in revenue was primarily due to higher client assets under management driven by market appreciation and net sales of long-term mutual funds, higher fee-based and commission revenue.
Wealth Management revenue also benefitted from the impact of the acquisition of Atlantic Trust from the first quarter of 2014
In the second quarter of 2014, return on equity was 22.4% compared with 19.8% a year ago.
Overall, CIBC group posted net profit of C$306 million for the second quarter compared to C$862 million a year earlier.
Results were hurt by C$543 million in charges related to the bank’s struggling Caribbean operations, which CIBC had warned about earlier this month.