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August 29, 2014updated 04 Apr 2017 12:55pm

CIBC’s retail and business banking division reports higher Q3 earnings

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.

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.

"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."

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