CIBC announces 2012 Q1 results
CBJ - March 13 - CIBC has reported net income of $835 million for the first quarter ended January 31, compared with net income of $763 million for the same period last year. Reported diluted earnings per share (EPS) were $1.93, compared with reported diluted EPS of $1.80 a year ago. Adjusted diluted EPS were $1.97, compared with adjusted diluted EPS of $2.04 a year ago.
Results for the first quarter of 2012 were affected by the following items of note netting to a negative impact of four cents per share: $37 million gain relating to an equity-accounted investment in the CIBC Wealth Management strategic business unit; $35 million loss from the structured credit run-off business; $18 million premium paid on preferred share redemptions; and $9 million on amortization of intangible assets.
CIBC reported net income of $835 million for the first quarter compared with reported net income of $757 million for the prior quarter. The company also reported diluted EPS and adjusted diluted EPS of $1.93 and $1.97, respectively, for the first quarter compared with reported diluted EPS and adjusted diluted EPS of $1.79 and $1.78, respectively, for the prior quarter.
CIBC's Tier 1 and Tangible Common Equity ratios at January 31 were 14.3 per cent and 10.8 per cent, respectively, compared to 14.7 per cent and 11.4 per cent, respectively, at Oct. 31, 2011.
"The first quarter reflected broad-based performance across our core businesses in Retail and Business Banking, Wealth Management and Wholesale Banking," said Gerry McCaughey, CIBC President and CEO. "Our financial results reflect our first principle and strategic imperative which is to be a lower risk bank targeting value creation for our shareholders by delivering consistent, sustainable earnings over the long term.”
Retail and Business Banking reported net income of $567 million for the first quarter, up from $540 million for the same quarter last year. Revenue of $2 billion was up one per cent from the first quarter of 2011, primarily due to volume growth in both personal banking and business banking, and higher treasury allocations, partly offset by narrower spreads.