The wealth management unit of Canadian Imperial Bank of Commerce (CIBC) has reported a net income of C$123m for the fourth quarter ended 31 October 2015, up 3.36% from C$119m during the year ago period.
The division’s revenue for the quarter rose by 4.3% to C$609m from C$584m in the corresponding quarter a year ago.
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According to the bank, the rise in revenue was primarily due to higher AUM in asset management from strong net sales of long-term mutual funds, the favourable impact of foreign exchange rates in private wealth management, and higher fee-based revenue in retail brokerage, partially offset by lower commission revenue, mainly due to a decline in transactional volumes.
The bank ‘s asset management unit posted revenue of C$214m for the fourth quarter of 2015, an increase of 5.4% from C$203m a year ago. The unit achieved sales record for long-term mutual funds of C$5.5bn this year.
Overall, CIBC group posted net income of C$778m for the fourth quarter, down 4.06% compared to C$811m in the fourth quarter of 2014.
CIBC group head of wealth management Steve Geist said: "All of our Wealth Management businesses delivered strong results this year. In 2016 we will build on this momentum to continue offering integrated advice and investment solutions for our clients, drive asset growth and optimize our business platform."
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