Canadian Imperial Bank of Comm (CM)

Canadian Imperial Bank of Commerce (CIBC), together with its subsidiaries, provides a range of financial products and services in Canada and internationally. The company offers personal and business banking services, including personal and business deposits, and personal and business lending, cards, residential mortgages, insurance products, commercial mortgages, and commercial banking services; wealth management services comprising retail brokerage and asset management; and investment management services to retail and institutional clients. It also offers capital market products, such as cash equities, global derivatives and strategic risk, and fixed income, currencies, and distribution businesses; corporate and investment banking services consisting of corporate credit products, investment banking, and U.S. real estate finance; and legacy merchant banking and corporate loan hedging. CIBC was founded in 1867 and is based in Toronto, Canada.

For the fiscal year ended 31 October 2006, Canadian Imperial Bank of Commerce's interest income rose 18% to C$13.27B. Net interest income after LLP fell 8% to C$3.89B. Net income after US GAAP adjustment and applicable to Common totaled C$2.72B, up from C$16M. Net interest income reflects higher interest earning assets, offset by higher interest expense on deposit. Net income also reflects higher trading revenues and lower employee compensation & benefits expense.