CIBC’s Q3 results are in

Canadian Imperial Bank of Commerce (CIBC) has posted its third-quarter results for 2021, revealing a net income of $1.73 billion – up 48% from the same period last year and 5% over the previous quarter’s haul of $1.65 billion.

The bank also reported a 47% year-over-year increase in its reported diluting earnings per share (EPS), from $2.55 in 2020’s third quarter to $3.76 this year, with its personal and business banking division’s net income of $642 million up 40% from the same time last year.

On the commercial banking and wealth management side, the bank saw a $150 million rise in its net income from its Q3 2020 performance, a 47% increase that the bank attributed to higher revenue and a reversal of loan loss provisions in the current quarter.

CIBC’s capital markets division saw an 11% increase in its net income from the third quarter of 2020, up $48 million to $491 million, which the bank said was mainly a result of a reversal of provision for credit losses.

Read more: CIBC reveals its Q2 results

That division’s pre-provision, pre-tax earnings had declined by $48 million (7%) from Q3 2020, mainly due to lower global markets trading revenue and higher expenses.

The bank’s president and CEO Victor Dodig said that the results reflected its solid performance throughout the continuing economic uncertainty brought about by the COVID-19 pandemic.

“We continue to deliver purpose-driven growth across all of our business units as we work with our clients to help them achieve their ambitions,” he said.

“This quarter’s record top-line revenue and earnings per share underscore the breadth and quality of the growth we have across all of our key business units, as we continue to successfully navigate an uncertain environment by staying focused on our clients and on the wellbeing of our team.”

Dodig said that CIBC had continued to make strategic investments in its future growth throughout the third quarter “as we have throughout the pandemic.”