CIBC named strongest bank in North America
CIBC has been named as the strongest bank in North America and the third strongest bank in the world by Bloomberg Markets, a monthly magazine published as part of the Bloomberg business and financial news offering.
It is the second year the bank has been recognized among the worlds strongest banks, CIBC said in a statement yesterday.
Bloombergs global study is based on banks with more than US$100 billion worth of assets.
This award recognizes CIBCs 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, CIBC President and Chief Executive Officer.
The Bloomberg Markets assessment studied the risk factors and capital levels of the worlds 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 as 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 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, Global Finance magazine has recognized CIBC as best in mobile banking globally.
It also obtained the deal of the year award for its equity investment in American Century at a recent mutual fund industry awards ceremony in New York.
The Great Place to Work Institute has adjudged it one of Canadas best workplaces, Waterstone Human Capital regard it as having one of Canadas 10 most admired corporate cultures, and Mediacorp Canada Inc. deems it one of Canada's best diversity employers and a best employer for new Canadians.