UPDATE 1-Laurentian Bank shares fall on results
* Core results miss estimates
* Dividend rises 4.3 pct to C$0.49/shr
* Shares down 2.6 pct (Adds details, shares)
Dec 5 (Reuters) - Laurentian Bank of Canada profit rose 71 percent in the fourth quarter due to the impact of recent acquisitions, but the result missed analysts' estimates, prompting the shares to sink 2.3 percent on Wednesday.
The share decline came despite an announced 4.3 percent dividend increase for Laurentian, which is Canada's eighth-largest bank by market capitalization.
Net profit income was C$45.7 million ($46.04 million), or C$1.51 per share, in the fiscal fourth quarter ended Oct. 31. That was up from with C$26.7 million, or 99 Canadian cents per share, a year earlier.
Loan growth of 21 percent helped stoke the results, but the bulk of the rise was due to a C$16.4 million after-tax gain on the bank's acquisition of AGF Trust Co. in August.
Excluding acquisition-related items, the bank earned C$1.17 a share, falling short of the profit of C$1.31 expected by analysts, according to Thomson Reuters I/B/E/S.
At mid-morning, the bank's shares were down C$1.17 at C$44.58, making it the weakest Toronto-listed financial issue and underperforming the 0.2 percent rise of the S&P/TSX financials index. Continued...