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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"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."