CIBC raised its dividend Thursday as it reported better-than-expected results for its first quarter, helped by strong results at home and south of the border.

The bank increased its quarterly payment to common shareholders by three cents to $1.33 per share.

The higher dividend came as the lender reported a profit attributable to shareholders of nearly $1.31 billion or $2.95 per diluted share for the quarter ended Jan. 31, down from $1.39 billion or $3.50 per diluted share a year ago.

However on an adjusted basis, the bank said it earned $1.41 billion or $3.18 per diluted share for the quarter, up from $1.15 billion or $2.89 a year earlier.

Analysts had expected an adjusted profit of $2.83 per share, according to Thomson Reuters.

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“In the quarter, CIBC delivered strong results across all four strategic business units,” CIBC chief executive Victor Dodig said in a statement. “We are creating value for shareholders by building a relationship-focused bank, diversifying our earnings growth in the U.S. region, improving operational efficiencies and maintaining disciplined capital deployment.”

CIBC was the first of Canada’s big lenders to report its first-quarter results.

The bank’s results included charges totalling 23 cents per share, including an $88-million net tax adjustment due to a cut to the U.S. corporate tax rate that took effect this year. The lender also recorded a $10-million charge in purchase accounting adjustments in connection with acquisitions of The PrivateBank and Geneva Advisors last year.

The acquisition of PrivateBancorp, The PrivateBank’s parent company, last year helped boost CIBC’s U.S. commercial banking and wealth management division, which reported net income of $134 million in the latest quarter, up $105 million from the same period in 2017.

The lender’s Canadian personal and small banking arm reported net income of $656 million for the period, down $149 million or 19% compared with a year ago. However, on an adjusted basis, net income was $658 million, up $97 million or 17% from a year ago.

CIBC’s domestic commercial banking and wealth management division’s net income for the quarter was $314 million, up 14% compared with a year earlier. Its capital markets net income was $322 million for the quarter, down $25 million or 7% from a year earlier.

The bank’s common equity tier 1 ratio, a key measure of the bank’s financial health, was 10.8%, up from 10.6% in the previous quarter but down from 11.9% a year ago.

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