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Rejean Robitaille, president and chief executive of Laurentian Bank (REUTERS)
Rejean Robitaille, president and chief executive of Laurentian Bank (REUTERS)

Laurentian Bank boosts dividend Add to ...

Laurentian Bank of Canada raising its quarterly dividend by 8 per cent following increased profit and revenue.

The dividend will rise to 42 cents per share, a 3-cent increase, payable on Aug. 1 to shareholders of record on July 4.

The Montreal-based company also reported its second-quarter net income was $30.1-million or $1.13 per cent in the three months ended April 30, up from $28.3-million or $1.06 per share a year earlier.

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The improvement was partially due to reduced provisions for loan losses, which fell to $12-million from $16-million in the second quarter of fiscal 2010.

Revenue increased 4 per cent to $185.7-million from $178.1-million, with a slight decline in interest income offset by higher income from other sources.



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