(Reuters) - Laurentian Bank of Canada (LB.TO) reported a 12 percent fall in fourth-quarter profit, hurt mainly by a one-time charge related to an acquisition.
Laurentian, Canada’s No. 7 bank by assets, posted August-October net income of C$28.6 million, or C$1.06 a share, compared with C$32.5 million, or C$1.24 a share, a year earlier.
The bank took a C$8.2 million charge related to its acquisition of MRS Companies in September.
Analysts had expected, on average, a profit of C$1.20 a share, according to Thomson Reuters I/B/E/S.
Revenue fell 1.4 percent to C$187.4 million.
The Montreal-based bank also raised its quarterly dividend by 3 Canadian cents to 45 Canadian cents a share.
Shares of Laurentian closed at C$43.57 on Tuesday on the Toronto Stock Exchange.
Reporting by Maneesha Tiwari in Bangalore; Editing by Viraj Nair