TORONTO â€” CIBC increased its first-quarter net income to $1.41 billion, up from $982 million a year ago.
The quarterly earnings amounted to $3.50 per diluted share, compared with $2.43 per diluted share during the same period last year.
The bank (TSX:CM) also boosted its quarterly dividend by three cents to $1.27 per share, payable on April 28.
On an adjusted basis, the Toronto-based bank (TSX:CM) had $1.17 billion of income, or $2.89 per share, compared with $1.03 billion, or $2.55 per share, during the first quarter of 2016.
Quarterly revenue was $4.21 billion, up from $3.59 billion a year ago.
“In the first quarter, CIBC delivered strong performance across retail and business banking, wealth management and capital markets,” CIBC president and CEO Victor Dodig said in a statement.
“We are executing well on our strategy to build a strong, innovative, relationship-oriented bank.”
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The Canadian Press