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The large CIBC sign outside the bank's office building at the south east corner of King St. West and Bay St. in Toronto.Fred Lum/The Globe and Mail

Canadian Imperial Bank of Commerce says its first-quarter profit grew 6 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.

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