The Canadian Commercial Banking and Wealth Management unit of Canadian Imperial Bank of Commerce (CIBC) has posted net income of C$314m ($246.8m) for the first quarter of fiscal 2018, an increase of 14% compared to C$276m ($217m) reported a year ago.
The unit’s total revenue for the quarter ended 31 January 2018 was C$954m, up 9% compared to C$879m in the corresponding year ago quarter.
CIBC’s US Commercial Banking and Wealth Management division posted net income of C$134m, a surge of 29% over C$107m reported a year ago. The division’s total revenue jumped 282% year-on-year to C$432m.
Overall, the banking group reported net income of C$1.33bn for the first quarter of fiscal 2018, down 5% from C$1.41bn in the corresponding year ago quarter. The results were impacted by a $88m charge booked by the bank owing to the recent overhaul in the US tax rule.
The bank’s Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios at the end of January 2018 were 10.8%, 12.4% and 14.1%, respectively.
CIBC president and CEO Victor Dodig said: “In the quarter, CIBC delivered strong results across all four strategic business units. We are creating value for shareholders by building a relationship-focused bank, diversifying our earnings growth in the U.S. region, improving operational efficiencies and maintaining disciplined capital deployment.”