The retail and business banking arm of Canadian Imperial Bank of Commerce (CIBC) has posted net income of C$666m for the third quarter of 2016, up 6% compared to C$630m a year earlier.

For the quarter ended 31 July 2016, the unit’s total revenue was C$2.22bn, a rise of 5% from C$2.12bn a year earlier.

Non-interest expenses increased 2% year-on-year to C$1.12bn from C$1.09bn.

Provision for credit losses during the period were C$197m, up C$32m from C$165m in the third quarter of fiscal year 2015.

Overall, the banking group reported net income of C$1.44bn for the third quarter of 2016, a surge of 47.3% from C$978m a year ago.

At 31 July 2016, the bank's Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios stood at 10.9%, 12.4% and 14.4%, respectively.

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By GlobalData

CIBC president and CEO Victor Dodig said: "Our strong results this quarter were broad based, as each of our Retail and Business Banking, Wealth Management and Capital Markets business units performed well. We continue to pursue and make progress against our strategy of building a strong, innovative and relationship-oriented bank while delivering consistent and sustainable financial results for our shareholders.”