CIBC first-quarter earnings top estimates, dividend raised

Thu Feb 25, 2016 6:21am EST
 
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TORONTO Feb 25 (Reuters) - Canadian Imperial Bank of Commerce posted a first-quarter profit that topped market expectations on Thursday, helped by growth in its retail and business banking division.

The lender also raised its quarterly dividend.

Net income for the quarter ended Jan. 31 was C$982 million, or C$2.43 per share, compared with C$923 million, or C$2.28 per share, a year ago. Excluding special items, earnings rose to C$2.55 per share.

Analysts on average had expected earnings of C$2.41 a share, according to Thomson Reuters I/B/E/S. (Reporting by John Tilak; Editing by Elaine Hardcastle)