The Canadian Imperial Bank of Commerce hiked its dividend as it reported its first-quarter profit fell to $1.18 billion, down 11 per cent from $1.33 billion a year ago.
The Toronto-based lender's earnings for the three-month period ended Jan. 31 amounted to $2.60 per diluted share, down from $2.95 during the same period a year earlier.
On an adjusted basis, CIBC earned $3.01 per share, down from $3.18 a year ago and below the $3.08 expected by analysts surveyed by Thomson Reuters Eikon.
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