Net income rose at CIBC in the first quarter of 2016, while wealth management earnings dropped.

Canada's CIBC, the parent company of Atlantic Trust, has reported a 7 per cent year-on-year drop in wealth management net income to C$119 million ($88 million).

Revenue was also down by 3 per cent, CIBC said, due largely to lower performance fees earned at Atlantic Trust and lower revenue from American Century Investments. The firm stopped including ACI income in its results following the announcement of its sale in December 2015.

This was partially offset by higher revenue from higher average assets under management, driven by strong net sales across all businesses, CIBC said.

During the first quarter of 2016, the firm's wealth management business enhanced its internal referral framework to serve clients' banking and investment needs and also posted “record quarterly net sales” of C$1.9 billion in private wealth management, it said.

The CIBC group logged C$982 million in net income, up from C$923 million a year ago and C$778 million in the prior quarter.