The Canadian Commercial Banking and Wealth Management arm of Canadian Imperial Bank of Commerce (CIBC) has reported net income of C$350m ($268.8m) for the third quarter of fiscal 2018, a 20% increase compared to C$291m ($223.5m) in the previous year.

The unit’s total revenue was C$988m for the quarter ended 31 July 2018, up 9% from C$903m in the same period last year.

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The bank attributed the unit’s rise in revenue to deposit and lending growth, higher fees and wider spreads in commercial banking, as well as higher client assets in wealth management.

CIBC’s US Commercial Banking and Wealth Management division posted net income of C$162m for the third quarter of fiscal 2018, versus C$41m in the corresponding quarter of 2017.

The increase in the unit’s income was driven by the inclusion of CIBC Bank USA results for the full quarter, the bank said in its earnings statement.

The unit’s total revenue was C$448m, a surge of 87% from C$239m in the previous year.

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Overall, the banking group reported net income of C$1.37bn for the third quarter of fiscal 2018, a 25% jump from C$1.09bn reported a year ago.

The bank’s Basel III common equity tier 1 ratio, tier 1 and total capital ratios at the end of July 2018 were 11.3%, 12.8% and 14.8%, respectively.

CIBC president and CEO Victor Dodig said:  “In the third quarter, we continued to deliver solid performance across all of our businesses.

“We are executing well on our strategy to build a relationship-oriented bank for a modern world, while delivering strong and consistent returns and growth to shareholders. We are pleased with the momentum that our North American platform is gaining as we find new ways to serve our clients on both sides of the border.”