Laurentian Bank unveiled on Wednesday a quarterly financial performance that exceeded analysts’ forecasts and an increase in its dividend.
Posted at 8:40 a.m.
The Montreal financial institution generated adjusted profits up 9% over one year to $61.6 million for the months of February, March and April, the equivalent of $1.39 per share. Analysts were expecting $1.15 per share.
“This is the bank’s most profitable quarter since 2018,” CEO Rania Llewellyn said in a statement.
The CEO even says she is confident that the organization will exceed its financial targets for 2022 “despite the uncertainty in the market”.
Profitability is notably explained by the increase in revenues, the performance recorded in the Business Services and Capital Markets sectors, as well as cost management.
The total income collected by the bank during the quarter increased by 4% over one year to 259.6 million, which also surpasses the forecasts of the experts who hinged around 250 million.
“Going forward, we will continue to focus on executing our plan, including initiatives that drive new customer acquisition, such as offering a new VISA experience, streamlined digital onboarding and rollout of our new public website,” said Rania Llewellyn.
The dividend paid to shareholders is increased by 1 cent per share, bringing it to 45 cents per share. The previous dividend enhancement, announced in December, was an increase of 4 cents per share.