The retail and business banking arm of Canadian Imperial Bank of Commerce (CIBC) has posted a net income of C$655m for the fourth quarter of 2015, up 8.8% compared to C$602m a year earlier.
For the quarter ended 31 October 2015, the division’s adjusted net income increased to C$656m from the year-ago quarter.
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Total revenue rose 6.6% to C$2.18bn from C$2.05bn in the corresponding quarter of 2014.
Provision for credit losses increased to C$190m from C$171m in the prior year.
Overall, the banking group registered a net income of C$778m for the fourth quarter, down 4.06% compared to C$811m in the fourth quarter of 2014.
As on 31 October 2015, the bank’s Basel III Common Equity Tier 1 ratio stood at 10.8%, while its Tier 1 and Total capital ratios were 12.5% and 15% respectively.
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By GlobalDataCIBC Retail and Business Banking SEVP and group head David Williamson said: "This year we established clear momentum in client experience and continued to invest in profitable revenue growth by making banking easy, personalized, and flexible for our clients. We will continue to focus on deepening client relationships by investing in advice for our clients across personal and business banking, and leveraging the power of digital to allow our clients to do more of their banking when, where and how they want."
