Laurentian Bank of Canada LB-T -0.10%decrease raised its quarterly dividend as it reported a second-quarter profit of $49.3-million, down from $59.5-million a year ago.
The Montreal-based bank says it will now pay a quarterly dividend of 47 cents per share, up a penny from 46 cents.
The increased payment to shareholders came as Laurentian says it earned $1.11 per diluted share for the quarter ended April 30, down from $1.34 per diluted share in the same quarter last year.
Revenue for the quarter totalled $257.2-million, down from $259.6-million in the second quarter of 2022, while the bank’s provision for credit losses amounted to $16.2-million, up from $13.0-million a year earlier.
On an adjusted basis, Laurentian says it earned $1.16 per diluted share in its most recent quarter, down from an adjusted profit of $1.39 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $1.12 per share, based on estimates compiled by financial markets data firm Refinitiv.
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