The wealth management unit of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$119m for the first quarter ended 31 January 2016, down 7% from C$128m during the year ago period.

The division’s revenue for the quarter fell by 3% for the quarter, largely due to lower performance fees earned in Atlantic Trust business and lower revenue from ACI.

The bank said that its adjusted net income excluding items of note was C$122m, down 8% compared to C$132m a year ago due to lower revenue, partially offset by lower expenses.

During the first quarter of 2016, the unit recorded quarterly net sales of C$1.9bn in the private wealth management segment and also increased internal client referral framework to serve client’s banking and investment needs.

Overall, CIBC group posted net income of C$982m for the first quarter of 2016, compared to C$923m a year earlier.

CIBC president and CEO Victor Dodig said: "In the quarter, CIBC delivered strong results across Retail and Business Banking, Wealth Management and Capital Markets, despite a challenging macroeconomic environment.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"We are making solid progress in transforming our bank to deliver growth by focusing on our clients, innovating for the future and simplifying our bank."