May 14 , 2012
Canadian bank named third strongest in the world
TORONTO-- CIBC has been named as the strongest bank in Canada and North America and the third strongest bank in the world by Bloomberg Markets magazine.
This is the second year the bank has been recognized among the world’s strongest banks. Bloomberg’s global study is based on banks with more than $100-billion ( U.S.) worth of assets.
The Bloomberg Markets assessment studied the risk factors and capital levels of the world’s largest banks. It examined 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).
“In 2011, CIBC reported net income of $3.1 billion, an increase of more than 25 per cent year over year,” said Gerry McCaughey, president and chief executive officer. “Our return on equity was 21.3 per cent, the highest among the Canadian banks and, our capital position remains among the best of any bank globally with a Tier 1 capital ratio of 14.7 per cent.”