Canadian Imperial Bank of Commerce has matched the bar set by RBC a day earlier by reporting a big profit beat and a richer dividend for shareholders.

CIBC's net income surged 25 per cent year-over-year to $1.37 billion in its fiscal third quarter ending July 31. On an adjusted basis, the bank earned $3.08 per share. Analysts, on average, were expecting $2.93.

The bank also said it will raise its quarterly payout to $1.36 per share from $1.33 per share.

“In the third quarter, we continued to deliver solid performance across all of our businesses. We are executing well on our strategy to build a relationship-oriented bank for a modern world, while delivering strong and consistent returns and growth to shareholders," CEO Victor Dodig said in a release Thursday.

CIBC posted growth across all of its major divisions in the quarter. Its core Canadian personal and small business banking unit saw total profit rise 14 per cent to $639 million, while its domestic commercial banking and wealth management unit saw net income surge 20 per cent to $350 million.

Long regarded as the Big Six bank that’s most dependent on the Canadian housing market, CIBC’s mortgage book was flat in the latest quarter with a spot balance of $203 billion.  

Meanwhile, the bank’s most remarkable growth came south of the border, where CIBC is benefiting from the takeover of PrivateBancorp that closed in June 2017. Indeed, net income in the U.S. commercial banking and wealth management unit soared 295 per cent to $162 million.