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Power Financial Corp. announced a quarterly dividend increase Wednesday as it reported a fourth-quarter profit of $478 million.

The Montreal-based company’s quarterly payment to shareholders will go up by 5.2 per cent to 45.55 cents per common share.

Power Financial also reported a profit of 67 cents per share for the quarter ended Dec. 31 compared with a profit of $225 million or 32 cents per share in the last three months of 2017.

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On an adjusted basis, the company says it earned $460 million or 65 cents per share for the quarter compared with an adjusted profit of $547 million or 77 cents per share a year earlier.

Analysts on average had expected a profit of 77 cents per share, according to Thomson Reuters Eikon.

Power Financial holds majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp. as well as a minority stake in Pargesa Holding.

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