Laurentian Bank reports Q4 profit down from year ago, raises dividend

The Banque Laurentienne or Laurentian Bank logo is seen Tuesday, June 21, 2016 in Montreal. Laurentian Bank of Canada raised its dividend as it reported its fourth-quarter profit fell compared with year ago. THE CANADIAN PRESS/Paul Chiasson

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)

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