One of Canada's big-hitter banks reported its results today on the three months to end-April.

Canadian Imperial Bank of Commerce, aka CIBC has reported adjusted net income for the three months ending April 30 this year of C$1.345 billion ($1.04 billion), a 26 per cent gain on the same period a year earlier but slipping 1.0 per cent on the previous quarter.

CIBC said its Canadian commercial banking and wealth management reported net income of C$310 million for the second quarter, up 9 per cent from the second quarter a year ago, driven by higher revenue partially offset by higher costs. The increase in revenue was driven primarily by deposit and lending growth, higher fees in commercial banking, and higher fee-based client assets in wealth management, partially offset by lower transactional volume and lower equity issuance activity.

At the same part of its operation in the US, CIBC said it logged net income of C$138 million for the second quarter, up C$112 million or 431 per cent from the second quarter a year ago. Excluding items of note, adjusted net income was C$142 million, up C$115 million or 426 per cent from the second quarter a year ago, primarily due to the inclusion of the results of CIBC Bank USA beginning in the third quarter of 2017.

For the banking group as a whole, it held a Basel III Common Equity Tier 1 capital ratio of 11.2 per cent – a standard international yardstick of a bank’s capital strength.