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CIBC reports first quarter 2013 net income of $798m

CIBC has reported net income of $798m for the first quarter of 2013, compared to $835m during the same period earlier year.

For the latest quarter period ended on 31 January 2013, its reported diluted earnings per share (EPS) stood at $1.91, versus $1.93 last fiscal.

Retail and Business Banking segment posted net income of $611m, with a substantial increase from $567m during the same quarter in 2012.

Revenue of the segment stood at $2.1bn, up by 2% from the first quarter of 2012, mainly owing to volume growth across most products, higher fees and wider spreads, partially offset by lower treasury allocations.

Wealth Management net income declined by 10% to $90m for the first quarter of 2013; while revenues were $432m, with a decrease of $3m compared to the first quarter of 2012.

Wholesale Banking net income was $91m, while revenue of the segment stood at $563m, down by $12m from the prior quarter, primarily due to lower gains in the structured credit run-off business.

Founded in 1867, CIBC manages a branch network of more than 1,100 offices and serves 11 million customers with the help of 42,000 employees. It provides retail and business banking, wealth management and wholesale banking services.