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.
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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.
"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."
