Commenting on the financial result, CIBC president and CEO Gerald McCaughey said that the bank posted solid results this quarter across its core businesses such as retail and business banking, wealth management and wholesale banking.
"These results reflect our strong focus on our clients as well as our underlying business fundamentals," McCaughey commented.
Net income in retail and business banking division increased to C$638m, while revenue rose to C$2.1bn, from year ago quarter.
Wealth Management net income increased to C$102m, whereas revenue jumped to C$458m, against the comparable period last financial year, backed by higher client assets under management driven by market appreciation and higher net sales of long-term mutual funds.
For the quarter period ended on 31 July 2013, its wholesale banking net income grew to C$217m, while revenue stood at C$596m, from the prior quarter this year.
At 31 July 2013, CIBC’s Basel III Common Equity Tier 1 ratio was 9.3%, and its Tier 1 capital ratio and Total capital ratio stood at 11.6% and 14.7%, respectively.
