TD Bank boosted its dividend by 9 per cent on Thursday. (Canadian Press)

Toronto-Dominion Bank reports it had $2.042 billion of net income in the first quarter, up 14 per cent from a year earlier.

TD also says its quarterly dividend will be rising by nine per cent, the latest major Canadian bank to increase payouts to its shareholders.

Earlier in the morning, CIBC also announced a dividend hike following a similar announcement on Wednesday from Royal Bank.

Excluding certain items, TD's adjusted net income was $2.024 billion, or $1.06 per common share — up six per cent from a year earlier.

More than half TD's profit during the quarter came from its Canadian retail banking segment, which had $1.2 billion of net income.

TD says its Canadian banking arm had good growth in loans and deposits, more assets under management, and favourable credit performance.