CIBC first-quarter earnings top estimates, dividend raised

TORONTO (Reuters) – Canadian Imperial Bank of Commerceposted a first-quarter profit that topped market expectations on Thursday, helped by growth in its retail and business banking division.The lender also raised its quarterly dividend. CIBC’s net income for the quarter ended Jan. 31 was C$982 million, or C$2.43 per share, compared with C$923 million, or C$2.28 per share, a year ago. Excluding special items, earnings rose to C$2.55 per share. Analysts on average had expected earning