CIBC wealth management division of has posted net income of C$333m ($250.3m) for the fourth quarter of fiscal 2018, an increase of 16% compared to C$287m ($215.7m) in the previous year.

The unit’s total revenue for the quarter ended 31 October 2018 was C$986m, up 7% from C$922m a year earlier.

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The rise in revenue was said to be due to lending and deposit growth in commercial banking, along with fee-based revenue growth in wealth management.

CIBC’s US Commercial Banking and Wealth Management arm reported net income of C$131m for the fourth quarter of fiscal 2018, a 22% surge from C$107m in the corresponding quarter of 2017.

The division’s total revenue increased 8% year-on-year to C$457m. The bank attributed the rise to loan growth as well as margin expansion at CIBC Bank USA.

Group performance

Overall, the banking group registered net income of C$1.27bn in the fourth quarter of fiscal 2018, up 9% from C$1.16bn in the same period of 2017.

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The bank’s common equity tier 1 ratio, tier 1 capital ratio and total capital ratios at the end of October 2018 were 11.4%, 12.9% and 14.9%, respectively.

CIBC president and CEO Victor Dodig said: “In 2018, CIBC delivered record net income driven by strong performance across all of our strategic business units. We made excellent progress in continuing to embed a client-focused culture, investing in our cross-border platform and enhancing value for our shareholders.”