MONTREAL - Laurentian Bank of Canada raised its dividend as it reported that its fourth-quarter profit fell compared with year ago.
The bank increased its quarterly payment to shareholders by a penny to 67 cents per share.
The higher payment to shareholders came as Laurentian reported a fourth-quarter profit of $41.3 million or 90 cents per diluted share.
That compared with a profit of $50.8 million or $1.13 per diluted share in the same quarter last year.
On an adjusted basis, Laurentian says it earned $1.05 per diluted share for the quarter, down from an adjusted profit of $1.22 per diluted share a year ago.
Analysts on average had expected a profit of $1.16 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Dec. 4, 2019.
Companies in this story: (TSX:LB)