CIBC 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 $923 million during the same quarter last year.

The earnings amounted to $2.43 per diluted share, up from $2.28 a year ago.

After adjustments, the bank earned $1.03 billion, or $2.55 per share, 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.