Canadian Bank of Commerce (TSE:CM) has released an update.
CIBC reported solid financial results for Q2 2024, with an 8% year-over-year increase in revenue and a 4% rise in net income, marking steady progress attributed to the bank’s diversified North American platform and client-focused strategy. Despite slight declines from the previous quarter, the bank’s adjusted net income and pre-provision, pre-tax earnings saw a 6% and 9% year-over-year increase respectively. CIBC remains robust with a Common Equity Tier 1 (CET1) ratio of 13.1%, demonstrating strong capital position and liquidity.
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