CIBC Posts Strong 2nd-Quarter Net Income
CBJ — The Canadian Imperial Bank of Commerce posted a strong 2nd-quarter net income surge of 25% compared with the same quarterly report the previous year.
CIBC’s bottom line was aided by its acquisition of Chicago-based PrivateBancorp early last summer, which helped drive profits at its U.S. operations.
The bank earned $1.32 billion or $2.95 per diluted share for the quarter, up from $1.06 billion or $2.64 a year earlier.
CIBC’s U.S commercial banking and wealth management arm saw net income in the second quarter skyrocket by more than 430% to $138 million. It was boosted by the acquisition of PrivateBancorp, which closed in June last year and was later rebranded as CIBC Bank USA.
The CIBC small business banking division reported a 16% increase in net income to $584 million.
CIBC’s spot mortgage balance for the second quarter was $203 billion, up 6.8% from a year ago.
Uninsured residential mortgages at CIBC were $7 billion, down from $11 billion a year ago.