The Canadian Commercial Banking and Wealth Management unit of Canadian Imperial Bank of Commerce (CIBC) has posted net income of C$310m ($240m) for the second quarter of fiscal 2018, a rise of 9% compared to C$284m ($220m) in the previous year.
The unit’s total revenue was C$937m for the quarter ended 30 April 2018, up 6% from C$886m in the corresponding quarter of 2017.
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CIBC’s US Commercial Banking and Wealth Management division posted net income of C$138m for the second quarter of fiscal 2018, as against C$26m in the same period last year. The surge in income was driven by the acquisition of PrivateBancorp, which was rebranded as CIBC Bank USA.
The division’s total revenue was C$429m, versus C$102 in the previous year.
Overall, the banking group reported net income of C$1.32bn for the second quarter of fiscal 2018, a surge of 26% from C$1.05bn a year ago.
The bank’s Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios at the end of April 2018 were 11.2%, 12.7% and 15.1%, respectively.
CIBC president and CEO Victor Dodig said: “In the second quarter, each of our business units performed well. We delivered robust earnings growth with continued progress on our strategy to build a relationship-oriented bank for a modern world with high quality, diversified earnings growth and disciplined expense and capital management. We remain focussed on building a strong North American platform to serve our clients and invest in our communities.”
