Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Laurentian Bank Raises Dividend Second Time in Year

Don't Miss Out —
Follow us on:

Dec. 8 (Bloomberg) -- Laurentian Bank of Canada raised its dividend for the second time in 12 months after annual profit rose on higher mortgage and commercial loans.

Laurentian, the last Canadian bank to report results, increased its quarterly payout 8.3 percent to 39 cents a share. The Montreal-based bank said fourth-quarter profit declined 14 percent because of a year-earlier gain.

Laurentian is the third Canadian bank to increase dividends this quarter as lenders end a year-long freeze in payout gains. National Bank of Canada and Canadian Western Bank also boosted their dividends, while Canada’s five biggest banks kept their payouts unchanged.

Net income at Laurentian for the period ended Oct. 31 declined to C$32.5 million ($32.2 million), or C$1.24 a share, from C$38.2 million, or C$1.47, a year earlier, according to a statement today.

Profit topped the C$1.18-a-share average estimate of three analysts surveyed by Bloomberg News.

Canada’s seventh-biggest bank rose 85 cents, or 1.9 percent, to C$46.25 in 9:37 a.m. trading on the Toronto Stock Exchange.

Related News and Information: Top Canadian news: {TOPC <GO>} Top financial news: {FTOP <GO>} Canadian bank news: {TNI CANADA BNK <GO>}

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.