Each of the bank’s core business units gained including Canadian Commercial Banking and Wealth Management which reported net income of $591 million for the first quarter, up $68 million from the first quarter a year ago, primarily due to higher revenue, partially offset by higher expenses and a higher provision for credit losses.
There was a $51 million gain for the Canadian Personal and Business Banking division, $264 million for US Commercial Banking and Wealth Management, and $97 million for Capital Markets, a 19% increase year-over-year.
“In the first quarter of 2025, we delivered another strong financial performance by continuing to execute on our client-focused strategy, which is generating consistent results for our stakeholders,” said Victor G. Dodig, CIBC President and CEO. “Our diversified business platform, robust capital position and strong credit quality give us the foundation to deliver for stakeholders in the year ahead, including support for our clients as we navigate the expected volatility in the cross-border business environment. We are a strong bank with deep client relationships and we know the clients, companies and industries we serve very well, which positions our team to offer impactful advice and solutions.”
National Bank
National Bank of Canada reported adjusted net income of $1 billion (which excludes certain items relating to the acquisition of Canadian Western Bank), up 14% year-over-year and adjusted diluted earnings per share of $2.93, up from $2.59 a year earlier. Revenue was $1.2 billion.
For wealth management, first-quarter total revenues amounted to $776 million compared to $660 million in first-quarter 2024, a $116 million or 18% increase driven mainly by growth in fee-based revenues and net interest income.
