CIBC: Margins To Remain Healthy In Spite Of Economic Uncertainty

Thu, 03/22/2012 - 13:20 EDT - Seeking Alpha

By Jeff Williams:In spite of economic uncertainty in Europe, slower growth in China and domestic household debt levels, the Canadian Imperial Bank of Commerce (CM) reported a growth in profits of 8.6%. Strength in CIBCs wealth management, retail and business banking segments supported the bank in Q1 in 2012. For the three month period ending on January 31, CIBC reported significantly stronger profits, with an increase of 8.6%. The reported net income for Q1 2012 was $835 million, compared to $763 million for the same quarter last year. This increased profit margins from 24.66% to 26.44%. The increase in profit came from stronger results in the bank's wealth management and retail and business banking segments. According to ProActive investors: CIBC president and chief executive officer Gerry McCaughey said: "The first quarter reflected broad-based performance across our core businesses in retail and business banking, wealth management and wholesale banking." CIBC's wealth management segmentComplete Story »

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CIBC: Margins To Remain Healthy In Spite Of Economic Uncertainty

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