02/22/2018 01:56 EST | Updated 02/22/2018 02:00 EST

CIBC raises dividend following better-than-expected first quarter

TORONTO — CIBC raised its dividend as it reported better-than-expected results for its first quarter.

The bank's 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.

The bank's first-quarter results were impacted by one-time charges including a $88-million net tax adjustment due to a cut to the U.S. corporate tax rate that took effect this year, which is expected to bring long-term benefits.

"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."