The wealth management unit of Canadian Imperial Bank of Commerce (CIBC) has posted net income of C$506m for the third quarter of 2016, a jump of 261.4% compared to C$140m a year earlier.
The quarterly net income included the gain, net of transaction costs, on the sale of the bank’s minority investment in ACI, CIBC said in its earnings statement.
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Total revenue during the period surged 65% to C$1.03bn from C$628m a year ago.
Non-interest expenses stood at C$438m, a fall of 1% from C$443m in the corresponding quarter of 2015.
Overall, the banking group reported net income of C$1.44bn for the third quarter of 2016, a surge of 47.3% from C$978m a year ago.
At 31 July 2016, the bank's Basel III Common Equity Tier 1 ratio , Tier 1 and Total capital ratios stood at 10.9%, 12.4% and 14.4%, respectively.
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By GlobalDataCIBC president and CEO Victor Dodig said: Our strong results this quarter were broad based, as each of our Retail and Business Banking, Wealth Management and Capital Markets business units performed well. We continue to pursue and make progress against our strategy of building a strong, innovative and relationship-oriented bank while delivering consistent and sustainable financial results for our shareholders.”
