CIBC executes on its strategyBy The IJ Staff | August 24 2018 11:30AM
CIBC has reported net income of almost $1.37 billion for its third quarter that ended July 31, 2018.
Victor Dodig, CIBC president and chief executive officer, said the results showed solid performance across all areas of business.
“We are executing well on our strategy to build a relationship-oriented bank for a modern world, while delivering strong and consistent returns and growth to shareholders,” Dodig said in a statement.
“We are pleased with the momentum that our North American platform is gaining as we find new ways to serve our clients on both sides of the border."
The bank’s Canadian Commercial Banking and Wealth Management reported net income of $350 million for the third quarter, up $59 million or 20% from the third quarter a year ago, primarily driven by higher revenue. The increase in revenue was driven mainly by deposit and lending growth, higher fees and wider spreads in commercial banking, and higher client assets in wealth management.
One of CIBC’s top performers was its U.S. Commercial Banking and Wealth Management division which reported net income of $162 million for the third quarter, up $121 million or 295% from the third quarter a year ago.
The bank also said it will raise its quarterly payout to $1.36 per share from $1.33 per share.