Laurentian Bank Profit Tops Estimates as Bank Boosts Dividend

Dec. 7 (Bloomberg) -- Laurentian Bank of Canada said profit before one-time costs climbed 5.8 percent in the fourth quarter as the country’s seventh-largest bank increased its dividend for the second time in a year.

Excluding costs related to an acquisition and terminating a distribution agreement, profit for the period ended Oct. 31 climbed to C$34.4 million ($34 million), or C$1.31 a share, from C$32.5 million, or C$1.24, a year earlier, the Montreal-based bank said today in a statement. Net income fell 12 percent to C$28.6 million, or C$1.06 a share.

Laurentian Bank boosted its quarterly dividend 7.1 percent to 45 cents a share, matching an estimate made by the Bloomberg Dividend Forecast.

The bank was expected to earn C$1.21 a share before one-time items, based on the average estimate of eight analysts surveyed by Bloomberg.

(Laurentian Bank will hold a conference call at 2 p.m. To listen, dial +1-514-861-2255 or +1-866-696-5910.)

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