CIBC grows first-quarter profit six per cent to $982M
A CIBC sign in Toronto's financial district on February 26, 2009. (Nathan Denette / THE CANADIAN PRESS)
The Canadian Press
Published Thursday, February 25, 2016 7:13AM EST
TORONTO - CIBC (TSX:CM) says its first-quarter profit grew six per cent to $982 million as earnings from its retail and business banking segment grew.
That compares with a $923-million profit during the same quarter last year.
The earnings amounted to $2.43 per diluted share, up from $2.28 a year ago.
Revenue for the quarter was $3.59 billion, up from $3.46 billion a year ago.
After adjustments, the bank earned $1.03 billion, or $2.55 per share, in the three months ended Jan. 31.
That's up from $956 million, or $2.36 per share, during the first quarter of last year.
The bank also announced it was raising its quarterly dividend by three cents per share to $1.18 per share.
CIBC also saw its headcount shrink by 592 to 43,609 full-time staff. During the previous quarter, the bank had 44,201 full-time employees.