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26/08/2009 -
On the heels of Bank of Montreal's recently announced third quarter financial results, the Canadian Imperial Bank of Commerce (CIBC) reported this week that their net income grew by $363 million in the past year.CIBC's third quarter net income rose from $71 million in the third quarter of 2008 to $434 million in the third quarter of 2009, which ended July 31. Diluted earnings per share also rose from $0.11 last year to $1.02 this year.
"CIBC's third quarter performance was solid, driven by good performances in our core retail and wholesale banking businesses, continued expense discipline and a gain from run-off activities following several quarters of losses," said Gerald T. McCaughey, CIBC President and CEO.
The bank also attributed its success partially to the launch of a new credit card promotional campaign, which brought in new clients.
CIBC's profitability is expected to improve not just Canadian stocks but also consumer confidence, which could in turn increase consumer spending.
In addition, as banks continue their return to profitable levels, they may begin to increase their credit card lending.
Both of these factors make it crucial for businesses to accept payment cards, as the use of credit cards and other payment services will only increase as the economy rebounds.
