Toronto- and New York-listed Canadian Imperial Bank of Commerce has reported $114 million in net income from wealth management operations in the first quarter, up $25 million or 28 per cent from a year ago.

Toronto- and New York-listed Canadian Imperial Bank of Commerce has reported $114 million in net income from wealth management operations in the first quarter (ended January 31) of 2014, up by $25 million or 28 per cent, from a year ago.

Wealth management revenue of $502 million was up $70 million, or 16 per cent, compared with the first quarter of 2013, which the firm attributed to an array of factors: higher client assets under management - driven by market appreciation and net sales of long-term mutual funds; higher fee-based and commission revenue; the acquisition of Atlantic Trust on December 31, 2013; and higher contribution from an investment in American Century Investments.

Revenue from wealth management was also up on the previous quarter (Q4 2013 (ended October 31): $470 million). 

During the first quarter of 2014, CIBI completed its acquisition of Atlantic Trust, a US private wealth management firm with $24 billion in assets under management. The deal with Invesco for $210 million was first announced in April 2013 (see more here).

For the Canadian group as a whole, the firm logged net income of $1.2 billion, compared with $785 million for the first quarter a year ago and $825 million in the prior quarter.

Reported return on common shareholders’ equity was 27.5 per cent, while adjusted return on equity was 22.1 per cent.