TD Bank Financial Group today reported a 5% increase in its first-quarter income and boosted its quarterly dividend.

The bank reported net income of $970 million, or $1.33 a share, compared with $921 million, or $1.26 a share, in the same quarter of the previous year.

After various adjustments — the amortization of intangibles, a gain on the value of credit default swaps, lower future tax assets and a provision for insurance claims — TD said it earned $1.45 a share.

“TD’s first quarter demonstrated the strength of our retail businesses in both Canada and the U.S. while our wholesale bank performed well relative to the more challenging financial market conditions we’re facing,” Ed Clark, president and CEO, said in a news release.

Earnings at TD Canada Trust, rose 10% from a year earlier to $598 million.

In its wealth management segment, profit jumped 16% to $216 million.

TD, which expects to close the acquisition of New Jersey-based Commerce Bancorp Inc next month, said its U.S. unit, TD Banknorth, earned $127 million. That was twice the profit recorded a year earlier, when TD’s ownership interest was lower.

The bank said it had lower earnings from its wholesale banking due to lower trading revenue and higher provisions for credit losses.

TD raised its quarterly dividend by 2¢ to 59¢ a share.