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.