Bloomberg names CIBC third strongest bank in the worldPOSTED: 05/7/12 1:19 PM
St. Maarten – CIBC has been named as the strongest bank in North America and the third strongest bank in the world by Bloomberg Markets magazine. CIBC FirstCaribbean, established in Philipsburg, is a member of the CIBC Group.
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.
“This award recognizes CIBC’s success in delivering on our strategic imperative of value creation for stakeholders by delivering consistent and sustainable earnings over the long term, while achieving strategic growth,” said Gerry McCaughey, President and Chief Executive Officer.
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,” added Mr. McCaughey. “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.”
Bloomberg is a global business and financial information service that provides data, news and analytics to organizations globally.
In addition to the Bloomberg recognition, CIBC has been recognized as the best in mobile banking globally by Global Finance magazine; Deal of the Year Award for its equity investment in American Century at the recent Mutual Fund Industry Awards held in New York; one of Canada’s Best Workplaces by the Great Place to Work Institute; one of Canada’s ten Most Admired Corporate Cultures by Waterstone Human Capital; and one of Canada’s Best Diversity Employers and a Best Employer for New Canadians as ranked by Mediacorp Canada Inc
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.
CIBC FirstCaribbean is a member of the CIBC Group. CIBC FirstCaribbean is the largest, regionally-listed bank in the English and Dutch speaking Caribbean serving over 500,000 accounts in 17 markets, through 3,400 staff, across 100 branches and offices.