The Canadian Commercial Banking and Wealth Management arm of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$306m ($232.1m) for the fourth quarter (Q4) of fiscal 2019.
This is a decrease of 8% from the previous year figure of C$333m.
The division’s total revenue rose 4% C$1.03bn from C$986m over the same period. The bank attributed the growth to strong volume growth and higher fees in both commercial banking and wealth management.
Non-interest expenses increased 2% year-on-year to C$530m, driven by higher employee compensation as well as strategic investments.
Net income at CIBC’s US Commercial Banking and Wealth Management unit surged 37% to C$180 from C$131m.
The unit’s total revenue increased 10% to C$503m from C$457m. The rise was said to be the result of loan growth and strong fee income.
At a group level, CIBC’s net income of C$$1.19bn in Q4 2019 was 6% lower than last year.
The bank’s common equity tier 1 ratio, tier 1 capital ratio and total capital ratios were 11.6%, 12.9% and 15%, respectively at the end of October 2019.
CIBC president and CEO Victor Dodig said: “We remain focused on creating long-term value for all our stakeholders.
“In 2019, we continued to execute on our client-focused strategy by improving client experience and investing to build a relationship-oriented bank for a modern world.”