CIBC hikes dividend as first-quarter profits drop 11 per cent

TORONTO -- The Canadian Imperial Bank of Commerce hiked its dividend as it reported its first-quarter profit fell 11 per cent to $1.18 billion, missing expectations. CIBC saw double-digit drops in profit from Canadian personal and small business banking and capital markets. However, commercial banking and wealth management delivered a 25 per cent uptick in earnings in the U.S. while in Canada earnings were relatively flat. The bank said also said the quarter included several one-time items -- su