I have been extremely busy with work and school, and feel like that I have been slacking in the news department, especially when it is such great news as what bank was name the strongest in Canada!
Well my apologies to everyone, and especially to the bank who received the award.
Without further delay, the bank that was named the strongest bank in not only Canada, but in North America by Bloomberg Markets magazine is none other than Canadian Imperial Bank of Commerce (CIBC)!
CIBC has been recognized as the 3rd strongest bank in the world as well!
This title is the second time CIBC has been awarded it, awarding it a place in the world’s strongest banks.
What was CIBC recognized for this award?
Bloomberg Markets Assessment studied the risk factors and capital levels of the world’s largest banks. They examined the quality of the banks’ holdings and from there ranked them based on 5 criteria:
- Tier 1 capital to risk-weighted assets
- Non-performing assets to total assets
- Loan-loss reserves to non-performing assets
- Stability; this was measured in terms of the ratio of deposits to funding
- Efficiency; costs to revenue
That said, CIBC reported net income in 2011 was $3.1 billion, which was more than 25% increase from the year before.
What else has CIBC been recognized for?
CIBC has not just been recognized by Bloomberg Markets magazine; they are several accolades under their belt from other institutions; this includes:
- 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 help in New York
- One of Canada’s 10 most Admired Corporate Cultures by Waterstone Human Capital
- One of Canada’s Best Workplaces by the Great Place to Work Institute
- One of Canada’s Best diversity Employers and a Best Employer for New Canadians as ranked accordingly by Mediacorp Canada Inc.
With all said and done, nothing will change the fact that as it stands, CIBC is the strongest bank in North America, receiving bronze for the world, but to me that is pretty great.
Again, I just want to congratulate CIBC for receiving such a great award, let’s see if they can continue their tenure holding this spot!