Canadian Imperial Bank of Commerce (CIBC) has reported net income of CAD1.09bn ($875.6m) for the third quarter of 2017, a decline of 24% compared to CAD1.44bn ($1.1bn) in the year ago quarter.
The banking group’s adjusted net income for the period ended 31 July 2017 was CAD1.16bn, down 9% from CAD1.07bn a year ago.
The bank attributed the fall in income mainly to CAD45m increase in legal provisions, CAD38m in costs related to The PrivateBank acquisition, as well as CAD10m amortisation of intangible assets.
The end of July 2017, the bank’s Basel III Common Equity Tier 1 ratio, Tier 1 and Total capital ratios stood at 10.4%, 11.9% and 13.6%, respectively.
The retail and business banking arm of CIBC posted net income of CAD719m for the third quarter of 2017, a rise of 8% from CAD666m in the corresponding quarter of 2016.
CIBC president and CEO Victor Dodig said: “Our strong results this quarter reflect solid contributions from our strategic business units, as well as our acquisition of The PrivateBank, which closed in June. This acquisition expands CIBC’s geographical reach delivering enhanced growth opportunities and is a pivotal milestone as we create a strong cross-border platform, and continue to build a client-first culture that strengthens and deepens our relationships with clients.”