CIBC today reported that its first-quarter profit fell by 18%, as revenue slipped, while the year-before results were boosted by the sale of certain investment holdings.

The bank said net income was $580 million, or $1.62 a share, for the quarter ended Jan. 31, compared with $707 million, or $1.94 a share, in the year-before period.

The year-before quarter benefited from the sale of investments in Juniper Financial Corp., Republic Bank Ltd., and ACE Aviation Holdings Inc. that added 49¢ per share to earnings.

Revenue for the quarter retreated 7.5% to $2.8 billion.

Loan-loss provisions fell 7% to $166 million, while return on equity was 25.6%, compared with 25.7% for the year-before period.

CIBC said it has built its Tier 1 capital ratio up to 9.0%, above its minimum objective of 8.5% and above the 7.5% hit in July last year.

“We made solid progress during the quarter against our key priorities of maintaining and building business strength, improving productivity and balance sheet strength,” said Gerald McCaughey, president and CEO.

CIBC Retail Markets reported revenue of $2,059 million, in line with the prior quarter.

During the quarter, CIBC Wood Gundy reached a new all time high with assets under administration of over $116 billion.

CIBC World Markets reported revenue of $679 million, down from $964 million in the prior quarter which included $294 million from the sale of its hedged positions in Global Payments Inc. and Shoppers Drug Mart Corp.