Toronto-based banking group has logged a 362 per cent reported net income increase in its US commercial banking and wealth management in Q1 2018, ending January 31.
The firm’s reported net income for the segment stands at C$134 million ($105.4 million), which rose from C$29 million in January 2017.
Its Canadian commercial banking and wealth management logged a rise in reported net income, which stood at C$314 million, up C$38 million or 14 per cent from the first quarter a year ago.
CIBC said this was driven by higher revenue, partially offset by higher expenses. The higher revenue was driven primarily by volume growth, wider spreads and higher fees in commercial banking and higher fee-based client assets in wealth management.
Overall, the group’s reported net income fell in Q1 2018, which stood at C$1,328 million, compared with C$1407 billion Q1 2017.
Source: Google