Company News

The bank raised its quarterly dividend payment to 63¢ a share

By Canadian Press |
Source: The Canadian Press

 

Montreal-based Laurentian Bank of Canada raised its dividend as it reported its fourth-quarter profit more than doubled compared with a year ago.

The bank increased its quarterly payment to shareholders by a penny to 63¢ a share.

The higher dividend came as Laurentian reported fourth-quarter net income of $58.6 million or $1.42 per diluted share, up from $18.4 million or 45¢ per diluted share a year ago.

Revenue for the three months ended Oct. 31 totalled almost $268 million, up from $236.4 million in the same quarter last year.

On an adjusted basis, the bank says it earned $66.5 million or $1.63 per diluted share for the quarter, up from $50.5 million or $1.47 per diluted share a year ago.

Analysts on average had expected a profit of $1.55 a share, according to Thomson Reuters Corp.

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