CIBC's net profit increases substantially as ETFs continue to pick up steam

The Canadian banking institution, CIBC has announced the company's financial results for the first quarter ended January 31, 2022. The banking intitutions revenue across all lines of the business is $5.5 billion; the total revenue rose by 9% in the three months through January. The net income and adjusted EPS is $1.894 billion and $4.08, respectively. The EPS is well above the Wall Street analyst's consensus EPS of $2.87 for the first quarter. The better than expected financial results can be partially attributed to the increasing popularity of CIBC's ETF suite. The banking institution celebrated a company milestone in January when the first 4 ETFs offered by the bank reached nearly $3 billion in combined assets. The president and CEO of CIBC, Victor G. Dodig said in a recent press conference hearing, "In the first quarter, the continued execution of our strategy and ongoing investments in our bank enabled us to deliver strong financial results."