Power Financial Corp. (TSX: PWF) is raising its dividend by 6.4 per cent with the May 1 payment, which will be 37.25 cents per share.
The increase was announced with fourth-quarter results that showed the Montreal-based company’s net income for last year’s fourth quarter fell to $506 million or 71 cents per share, down from $593 million or 84 cents per share in 2013.
Power Financial said the year-over-year decline was due to unusual items in both years. Excluding those, operating earnings improved to $525 million or 74 cents per share, from $403 million or 57 cents per share.
Power Financial is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States, Europe and Asia. Major subsidiaries include life insurer Great-West Lifeco Inc. and mutual fund company IGM Financial Inc.