CIBC Canadian Commercial Banking and Wealth Management arm has posted a net income of C$336m ($251.8m) for Q1 2020.

This is a 7% rise from the previous year’s figure of C$313m. The growth was said to be driven by higher revenue.

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The performance was offset by a 9% rise in non-interest expenses.

The unit’s total revenue of C$1.05bn in Q1 2020 was 7% higher than a year earlier.

Wealth management revenue increased to C$632m from C$578m. CIBC attributed the growth to “higher investment management and custodial fees from higher average AUM and AUA, and higher commission revenue and mutual fund fees”.

Net income at the firm’s US Commercial Banking and Wealth Management arm remained almost unchanged at C$169m.

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The division’s total revenue increased 6% to C$507m from C$479m, with wealth management revenue rising 9% to C$161m on a year-over-year basis.

Group performance

At a group level, CIBC’s net income increased to C$1.21bn from C$1.18bn.

The bank’s common equity tier 1 ratio, tier 1 capital ratio, and total capital ratios were 11.3%, 12.5%, and 14.5%, respectively at the end of January 2020.

Increase in dividend

The bank will now offer a quarterly common share dividend of C$1.46 per share, up from C$1.44 per share.

CIBC president and CEO Victor Dodig said: “We delivered a strong first quarter in 2020 as we executed on our client-focused strategy and continued to diversify our earnings growth.

“We are transforming our bank by leveraging our client-focused culture, optimising our cost base, and strategically reinvesting our capital to deliver value to our shareholders, clients, employees and communities.”