The banking giant became the second of the Big Six to reveal how it fared in Q1 2022
Canadian Imperial Bank of Commerce (CIBC) has posted its financial results for the first quarter of 2022, announcing a 15% increase in its year-over-year reported net income to $1.869 billion.
The bank became the second of Canada’s Big Six to reveal its numbers during earnings season, with both the Canadian Personal and Business Banking and Canadian Commercial Banking and Wealth Management sides of its business posting net income gains over the same quarter last year.
The former saw the company report 5% net-income growth over 2021’s first quarter, up $35 million to $687 million, while its commercial banking and wealth management division grew by $462 million in net income – a 31% or $108 million increase over Q1 2021.
The bank’s reported diluted earnings per share were $4.03 – a 14%, or $3.55, rise compared with the same quarter last year.
CIBC said that its first-quarter performance was due mainly to strong volume growth and higher fee revenue in commercial banking, with market appreciation, net sales and more investment activity by clients helping drive higher wealth management revenue.
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The company’s president and CEO Victor Dodig described those Q1 earnings as “strong” financial results which he attributed to the continuing execution of its strategy and ongoing investments in the bank.
“Our highly connected and engaged team is guided by our purpose of helping make our clients’ ambitions a reality each and every day, which is attracting new business to our bank, deepening existing relationships, and driving strong top line growth across all of our businesses,” he said.
Dodig also said that the company was continuing to invest in technology and talent to boost its long-term growth and current momentum, with “a more sustainable, inclusive future” top of mind in its plans.
The bank recently became the first of the Big Six to unveil return-to-office plans, announcing that it intended to recommence in-person office work on a hybrid basis on March 21.
