The Canadian Commercial Banking and Wealth Management unit of Canadian Imperial Bank of Commerce (CIBC) has posted net income of CAD287m ($222.7m) for the fourth quarter of 2017, an increase of 13% compared to CAD254m ($197.1m) in the previous year.
The unit’s adjusted net income for the quarter ended 31 October 2017 was CAD288m, up 13% from CAD254m in the same period last year.
CIBC’s US Commercial Banking and Wealth Management division registered net income of CAD107m in the fourth quarter of 2017, a huge surge compared to CAD23m a year ago.
Overall, the banking group reported net income of CAD1.16bn for the fourth quarter of 2017, a 25% jump from CAD931m a year ago.
The bank’s Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios at the end of October 2017 were 10.6%, 12.1%, and 13.8%, respectively.
CIBC president and CEO Victor Dodig said: “In 2017, CIBC delivered record net income driven by strong performance across all of our strategic business units, as well as our acquisition of The PrivateBank. As we marked our 150th anniversary, we made excellent progress in the year, embedding a client -first culture, creating a strong cross -border platform and enhancing value for our shareholders. Looking forward, we are well positioned to continue to deliver sustainable growth to our shareholders.”