CIBC Profits Increase with Strong Retail Banking and Wealth Management

Canadian Imperial Bank of Commerce (CIBC) announced Thursday an 8% rise in fourth quarter earnings, helped by growth in its retail banking and wealth management businesses.

Canada's fifth largest lender reported net income of $ 1.36 billion for the quarter ended October 31, up from $ 1.26 billion a year ago.

Earnings per share, excluding exceptional items, amounted to $ 3.00. Analysts on average expected earnings per share of $ 3.04, according to Refinitiv's IBES data.

The bank's retail net income in Canada reached $ 669 million in the quarter, up $ 46 billion from a year ago. Funds set aside to cover bad debts increased by $ 8 million, which, according to the bank, stems from growth in personal loans.

Net income from the bank's commercial banking and wealth management businesses also increased $ 46 million to $ 333 million.

For the full year, CIBC's overall net income, excluding special items, was $ 5.5 billion, compared to $ 4.7 billion in the prior year. year.