Laurentian Bank Q4 profit falls 12 percent

Wed Dec 7, 2011 9:31am EST
 
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(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)

 
<p>A man cycles past by a Laurentian Bank branch in Quebec City June 9, 2010. REUTERS/Mathieu Belanger</p>