CIBC named strongest bank in Canada and North America, and third in the world
TORONTO, May 2, 2013 /CNW/ - For the second consecutive year, CIBC (TSX: CM)
(NYSE: CM) has been ranked as the strongest bank in Canada, strongest in North
America and third strongest in the world by Bloomberg Markets. This is the
third consecutive year CIBC has been recognized among the world's strongest
"Being ranked as the strongest bank in North America for two consecutive years
reflects our strategy of being a lower risk bank that generates consistent and
sustainable earnings over the long term, while achieving strategic growth,"
said Gerry McCaughey, President and Chief Executive Officer.
In compiling the annual rankings, Bloomberg examined risk factors and capital
levels by looking at the quality of the banks' holdings and ranked them based
on five key criteria: Tier 1 capital to risk-weighted assets; non-performing
assets to total assets; loan-loss reserves to non-performing assets;
stability, measured in terms of the ratio of deposits to funding; and
efficiency (costs to revenue). Bloomberg's global study is based on banks with
more than $100-billion (U.S.) worth of assets.
In addition, Bloomberg announced late last week that CIBC generated the best
risk-adjusted returns among Canada's six-largest lenders in the past 12
months. CIBC returned 1.18 per cent in the past year, ahead of Bank of
Montreal's 1.16 per cent risk-adjusted return and six times that of
Toronto-Dominion Bank, according to data compiled by Bloomberg. CIBC also
outperformed Bank of Nova Scotia and Royal Bank of Canada, whose risk-adjusted
returns were both 0.72 per cent, and the 0.2 per cent gain by National Bank of
"In 2012, CIBC delivered solid performance with net income of $3.3 billion, a
14 per cent increase over the prior year," added Mr. McCaughey. "Our return on
equity was 22.0 per cent and we maintained a strong capital position with a
tier 1 ratio of 13.8 per cent, keeping us in the leading position among
Canadian banks." Bloomberg is a global business and financial information
service that provides data, news and analytics to organizations globally.
CIBC is a leading North American financial institution with nearly 11 million
personal banking and business clients. CIBC offers a full range of products
and services through its comprehensive electronic banking network, branches
and offices across Canada, and has offices in the United States and around the
world. You can find other news releases and information about CIBC in our
Press Centre on our corporate website at www.cibc.com
Mary Lou Frazer, Communications and Public Affairs,
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-0- May/02/2013 15:30 GMT
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