CIBC releases Q1 results

The bank is the first of the Big Six to release its results

CIBC releases Q1 results

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.''

The Canadian Press

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