Canadian Western, Laurentian Boost Payouts as Profits Rise

Canadian Western Bank (CWB) and Laurentian Bank of Canada (LB) raised their dividends by 8 percent each after reporting higher second-quarter net income.

Canadian Western, the country’s eighth-biggest lender, increased its payout by one cent to 14 cents a share after posting its 92nd consecutive profitable quarter, the bank said today in a statement. Profit for the period ended April 30 rose 17 percent to C$44.4 million ($45.4 million), or 53 cents a share, from C$37.9 million, or 47 cents, a year earlier.

Laurentian Bank, the seventh-biggest lender, raised its dividend by 3 cents to 42 cents a share, the Montreal-based bank said in a statement. Profit rose to C$30.1 million, or C$1.13 a share, from C$28.3 million, or C$1.06, a year earlier.

Canadian Western, based in Edmonton, Alberta, said it earned 54 cents a share excluding items, beating the 52 cents average estimate of six analysts surveyed by Bloomberg. Laurentian’s results missed the C$1.18 a share average estimate of four analysts surveyed by Bloomberg, based on net income.

Canadian Western fell 8 cents to C$30.69 at 4 p.m. trading on the Toronto Stock Exchange. Laurentian declined C$2.09, or 4.1 percent, to C$49.56.

National Bank of Canada (NA), the country’s sixth-biggest lender, and Royal Bank of Canada (RY), the No. 1 lender by assets, also raised their dividends in the quarter.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editor responsible for this story: David Scanlan at; David Scheer at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.