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)
The Canadian Press