CIBC grows first-quarter net income to $1.41B

CIBC increased its first-quarter net income to $1.41 billion, up from $982 million a year ago, according to earnings announced Thursday morning.

The quarterly earnings amounted to $3.50 per diluted share, compared with $2.43 per diluted share during the same period last year.

On an adjusted basis, the Toronto-based bank had $1.17 billion of income, or $2.89 per share, compared with $1.03 billion, or $2.55 per share, during the first quarter of 2016.

Quarterly revenue was $4.21 billion, up from $3.59 billion a year ago.