Laurentian Bank Q4 profit falls 12%, hikes dividend

Laurentian Bank of Canada (LB-T) 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 $28.6 million, or $1.06 a share, compared with $32.5 million, or $1.24 a share, a year earlier.

The bank took a $8.2 million charge related to its acquisition of MRS Companies in September.

Analysts had expected, on average, a profit of $1.20 a share, according to Thomson Reuters I/B/E/S.

Revenue fell 1.4 percent to $187.4 million.

The Montreal-based bank also raised its quarterly dividend by 3 cents to 45 cents a share.