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Laurentian Bank logo is pictured in Montreal.

Paul Chiasson/THE CANADIAN PRESS

Laurentian Bank of Canada raised its dividend Tuesday as it reported that its fourth-quarter profit was more than double what it was a year ago.

The bank increased its quarterly payment to shareholders by a penny to 63 cents per share.

The higher dividend came as Laurentian reported fourth-quarter net income of $58.6-million or $1.42 per diluted share, up from $18.4-million or 45 cents per diluted share a year ago.

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Revenue for the three months ended Oct. 31 totalled nearly $268-million, up from $236.4-million in the same quarter last year.

Provisions for credit losses increased to $11.5-million for the quarter, up from $10.3-million for the fourth quarter of 2016.

The bank's common equity tier 1 capital ratio was 7.9 per cent in its fourth quarter, down from 8.0 per cent a year earlier.

On an adjusted basis, the bank said it earned $66.5-million or $1.63 per diluted share for the quarter, up from $50.5-million or $1.47 per diluted share a year ago.

Analysts on average had expected a profit of $1.55 per share, according to Thomson Reuters.

"2017 has been a successful year in which we have made significant progress on our performance and our transformation plan," Laurentian chief executive Francois Desjardins said in a statement.

"Our move from traditional to digital banking is well underway with the implementation of the first wave of core banking, the simplification of our product offer and process improvements."

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For its full financial year, Laurentian earned $206.5-million or $5.40 per diluted share, up from $151.9-million or $4.55 per share in its 2016 financial year.

Laurentian's adjusted profit for the year totalled $230.7-million or $6.09 per diluted share, up from $187.0-million or $5.70 per diluted share in the previous share.

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