The total revenue for the first quarter of 2012 rose to C$3.15bn ($3.18bn), compared to C$3.09bn ($3.12bn) for the same period a year ago.
The retail and business bank’s net income rose to C$567m ($572m), compared to C$540m ($545m) for the same period in the prior year.
Wealth management segment’s net income rose 52% to C$100m ($101m), compared to C$66m ($66m) for the same period last year primarily due to higher revenue from asset management and lower non-interest expenses, partially offset by lower revenue from retail brokerage.
Wholesale banking’s net income decreased to C$133m ($134m), compared to C$140m ($141m) for the same period in 2010 mainly due to lower corporate and investment banking and capital markets revenue and a higher provision for credit losses, partially offset by a lower effective tax rate.
CIBC president and CEO Gerry McCaughey said that the company’s financial results reflect its first principle and strategic imperative which is to be a lower risk bank targeting value creation for its shareholders by delivering consistent, sustainable earnings over the long term.
