CIBC Reclassifies Statements to Reflect FirstLine Exit
Canadian Imperial Bank of Commerce, the country’s fifth-biggest lender, reclassified data in its third-quarter financial statements to reflect the company’s exit from the FirstLine Mortgages broker business.
CIBC had revenue of C$364msg ch million ($363 million) from FirstLine in fiscal 2011 and C$302 million for the first nine months of fiscal 2012, the Toronto-based bank said in its reclassified results. The lender said it had C$46.3 million of FirstLine mortgages as of July 31.
CIBC reorganized its retail-banking business to shift away from using mortgage brokers in favor of selling home loans and other financial products through branches. The bank stopped accepting new mortgage applications through FirstLine on July 31, and decided to close the origination business after failing to sell the brand.
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