(June 1 – 12:15 ET) CIBC reported record earnings of $676 million in the second quarter ended April 30, up 125% from a year ago. Basic earnings per share were $1.64 and return on equity was 28.5%. For the quarter, return on equity was 28.5%. CIBC’s efficiency ratio was 62.4%

Net income was boosted by gains in investment securities, in particular a $176 million after-tax gain on the sale of 6.8 million shares of Global Crossing Ltd, and a $128 million after-tax gain on the sale of seven office properties.

Revenue for the quarter was $3,359 million, up 21% from the prior quarter and up 36% from last year. CIBC World Markets revenue was up 65% from the second quarter of 1999. Wealth Management also reported strong revenue, up 22% from the same period last year.

Year-to-date, the bank has experienced a 48% increase in sales volumes through telephone banking and PC Banking from the first six months of 1999. It continues to add more than 15,500 new customers a month through President’s Choice Financial services in Canada and Marketplace Bank in the U.S.

“This excellent performance is the result of the dedication and hard work of CIBC employees. We know what we want to achieve by 2002 and we are making tremendous progress toward that goal, said John Hunkin, Chairman and CEO.
-IE Staff

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