NNSL (Dec 10/97) - Strong capital markets through most of 1997 and healthy consumer demand for retail banking products and services drove CIBC's year-end profit to $1.55 billion, up 14 per cent from last year's $1.37 billion.

Fourth quarter profit was $405 million, up 18.8 per cent from $341 million in fourth quarter 1996.

"CIBC's results were powered by robust financial markets and increasing consumer demand for retail banking products such as mortgages and personal loans," CIBC chairman Al Flood said.

"Strong North American economic conditions translated into exceptionally good revenue growth from our trading, underwriting and mutual fund business," he said.

CIBC's world markets had a net income of $691 million, up 31 per cent from the $528 million last year.

CIBC earned $468 million, or 30 per cent of net income, outside Canada.

Trading revenues from securities, foreign exchange, commodities and derivatives rose 60 per cent to $838 million from $525 million.

Telephone banking transactions almost doubled to 30 million. Debit card transactions rose to 125 million from 79 million.

At Oct. 31, assets were $238 billion compared to $210 billion a year earlier.

The lender, in its 1997 results, said its total tax bill was $1.63 billion taxes and gave $19 million to community causes.

CIBC added 840 full-time jobs in 1997 bringing its total staff to 42,466. Compensation and benefits paid to employees totalled $3.14 billion.

Per-share income was $3.51 with return on equity of 17.7 per cent compared to $3.02 per share with return on equity of 17.1 per cent for 1996.