Canadian Imperial Bank of Commerce (CIBC) has reported net income of CAD1.16bn ($904.4m) for the fourth quarter of 2017, a surge of 25% compared with CAD931m ($723.4m) in the year ago period.
The banking group’s adjusted net income for the quarter ended 31 October 2017 was CAD1.26bn, up 21% from CAD1.04bn a year earlier.
As at 31 October 2017, the bank’s Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios were 10.6%, 12.1%, and 13.8%, respectively.
The Canadian personal and small business banking unit of CIBC posted net income of CAD551m for the fourth quarter of 2017, down 1% compared to CAD559m. The unit’s revenue rose 4% year-on-year to CAD2.09bn.
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.”