Canadian Imperial Bank Of Commerce (TSE:CM) has released an update.
CIBC has reported a significant increase in its first quarter 2024 financial results, with a notable rise in reported net income of 299% year-over-year and a 16% increase from the previous quarter. The bank’s revenue grew by 5% compared to the same quarter last year, and its Common Equity Tier 1 (CET1) Ratio strengthened to 13.0%. Despite a few notable items affecting the results, such as a special FDIC assessment charge and a tax recovery, CIBC President and CEO Victor G. Dodig cites successful client-focused strategies and strong credit quality for the bank’s positive performance and momentum into 2024.
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