CIBC FY2019 net income is down by 3.2% to C5.1bn from C$5.3bn in fiscal 2018.

Moreover, CIBC’s fourth quarter net income drops by 6% in the fourth quarter to C$1.2bn.

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In particular, CIBC’s numbers take a C$135m hit via a goodwill impairment charge. At the same time, the fourth quarter incorporates a 52% rise in provisions for credit losses y-o-y to C$402m.

The bank’s total PCL ratio of 33 basis points is up 10 basis points y-o-y.

Other less than positive metrics include an 80 basis point rise in the cost-income ratio to 58.3% for fiscal 2019.

On the other hand, CIBC reports strong margins and solid growth in Canadian personal and small business banking.

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Specifically, deposits rise by 7.8% to C$180bn y-o-y in Canadian personal and small business banking.

The unit also reports a 7 basis points rise y-o-y in the net interest margin from 2.50% to 2.57%.

Other highlights include strong growth at CIBC’s US commercial and wealth management unit.

Loan balances rise by 18% y-o-y in the fourth quarter with deposits up by 21% y-o-y. This all helps the unit to report net income for Q4 of C$180m, up by 37%.

CIBC FY2019 digital highlights

The CIBC digital adoption rate rises by 130 basis points from a year ago to 68.9%. Meantime, active mobile users rise by 11.5% y-o-y to 2.9 million in Q4. Over the same period, self-serve transactions rise by 150 basis points to 89.4%.

CIBC ends the fourth quarter with 1,024 branches, a net reduction of 25 over the past 12 months.

“We remain focused on creating long-term value for all our stakeholders,” says Victor Dodig, CIBC President and CEO. “In 2019, we continued to execute on our client-focused strategy by improving client experience and investing to build a relationship-oriented bank for a modern world.”