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Updated: Wed, 04 Jun 2014 09:42:25 GMT | By The Canadian Press, thecanadianpress.com

Laurentian Bank reports lower Q2 net income

MONTREAL - Laurentian Bank of Canada (TSX:LB) is raising its dividend while announcing a lower second-quarter profit of $31 million.


MONTREAL - Laurentian Bank of Canada (TSX:LB) is raising its dividend while announcing a lower second-quarter profit of $31 million.

The Quebec-based bank says it's raising its quarterly payment to shareholders by a penny to 52 cents per share.

Laurentian earned 99 cents diluted per share in its latest quarter, compared with a profit of $33.8 million or $1.05 per share in the same quarter a year ago.

The bank says its adjusted profit, excluding items, was $39.4 million, or $1.29 diluted per share, compared with $39.2 million or $1.24 diluted per share for the same period in 2013.

Analysts polled by Thomson Reuters had expected an adjusted profit of $1.24 per share for the quarter.

The bank says its return on equity was 9.2 per cent for the quarter, compared with 10.4 per cent a year ago.

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