Laurentian raises dividend, reports second-quarter profit down from year ago

MONTREAL – Laurentian Bank Financial Group raised its quarterly dividend by penny as it reported a lower second-quarter profit compared with a year ago as took a hit from severance and other restructuring charges.

The bank says it will now pay a quarterly dividend of 66 cents per share.

The increased payment to shareholders came as Laurentian says it earned $43.3 million or 95 cents per diluted share for the quarter ended April 30. The bank earned $59.2 million or $1.34 per diluted share in the same quarter last year.

Provisions for credit losses amounted to $9.2 million for the second quarter of 2019 compared with $9.5 million for the second quarter of 2018.

On an adjusted basis, Laurentian says it earned $48.7 million or $1.08 per share in its most recent quarter, down from an adjusted profit of $64.6 million or $1.47 per diluted share a year ago.

Analysts on average had expected a profit of $1.07 per share for the quarter, according to Thomson Reuters Eikon.

Companies in this story: (TSX:LB)