Retail and business banking of the Canadian Imperial Bank of Commerce (CIBC) has posted net income of C$589m for the third quarter of 2014, down 4% compared to a year ago.
The unit’s adjusted net income was C$597m, a dip of 5% from the corresponding quarter of 2013.
For the quarter ended 31 July 2014, wholesale banking arm reported net income of C$282m, up 32% from the prior quarter.
Overall, CIBC reported net income of C$921m for the third quarter, compared with C$878m for the third quarter a year ago.
CIBC’s Basel III Common Equity Tier 1 ratio at 31 July 2014 was 10.1%, and Tier 1 and Total capital ratios were 12.2% and 14.8%, respectively.
CIBC president and CEO Gerald McCaughey said: "CIBC’s solid results this quarter reflect the strength of our retail and wholesale banking franchises and strong wealth management platform.
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By GlobalData"As we strive to be the leading bank for our clients, our clear focus on client service coupled with our strategic growth initiatives underpins our ability to deliver consistent and sustainable earnings."