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Canadian Western, Laurentian Boost Payouts as Profits Rise

June 2 (Bloomberg) -- Canadian Western Bank and Laurentian Bank of Canada 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, the country’s sixth-biggest lender, and Royal Bank of Canada, 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 dalexander3@bloomberg.net

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

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