Dominion Lending Centres Clearlease Reports Laurentian Bank hikes dividend after best second quarter in 165-year history
VANCOUVER, BC (June 3, 2011) Dominion Lending Centres Clearlease Reports Laurentian Bank of Canada is hiking its dividend again as it expects to achieve its profit target for the year after posting its best second quarter in the bank’s 165-year history.
“We continue to focus on increasing profitably as our No. 1 priority,” chief executive Rejean Robitaille told financial analysts during a conference call.
Laurentian (TSX:LB) raised its quarterly dividend by eight per cent for the second time in five months Thursday June 2, 2011. The dividend will rise to 42 cents per share, a three-cent increase, payable on Aug. 1 to shareholders of record on July 4.
“The substantial progress the bank has made, combined with the confidence that we hold in our future enabled us to once again increase our quarterly dividend,” Robitaille added.
Quebec’s third-largest financial institution earned $30.1 million or $1.13 per share in the three months ended April 30, up from $28.3 million or $1.06 per share a year earlier.
Analysts had expected on average the bank to earn $1.19 per share.
Revenue increased four per cent in the quarter to $185.7 million from $178.1 million, with a slight decline in interest income offset by higher income from other sources.
In the first six months, Laurentian has earned $2.40 per share. The pace should allow it to achieve its target of $4.80 to $5.40 per share for the year, Robitaille said Thursday.
A $12 million provision for loan losses during the most recent quarter was $4 million less than a year ago and $3 million less than the prior quarter.
Provisions for personal loans and credit cards decreased 23 per cent to $5.8 million. Provisions for residential mortgages soared, while those for commercial mortgages plummeted and commercial loans fell nearly in half.
Expenses increased by $11.3 million, about half from increased salaries, benefits and more employees.
Robitaille warned that achieving the bank’s goal of growing revenues by more than five per cent and improving its efficiency ratio may be a challenge due to the slowing of real estate activity since the beginning of the year.
Sumit Malhotra of Macquarie Capital Markets said credit quality was positive as gross impaired loans dropped eight per cent to $155 million.
“(But) the expense increase is disconcerting in that it has occurred at the same time that there are clear signs of slowing in revenue,” he wrote in a report.
The Montreal-based bank said total loans grew by $1.4 billion or seven per cent. But its commercial mortgage loan volume has been reduced because it decided against joining a pricing war that resulted from intense competition outside Quebec.
“I don’t think it’s going to be used forever but at this time, we can’t be seeking volume growth at the expense of profitability,” added Francois Desjardins, CEO of B2B Trust, a subsidiary of Laurentian Bank.
On the Toronto Stock Exchange , the bank’s shares closed down $2.09, or 4.05 per cent, at $49.56.
Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BC (June 3, 2011) Dominion Lending Centres Clearlease Reports Laurentian Bank of Canada is hiking its dividend again as it expects to achieve its profit target for the year after posting its best second quarter in the bank’s 165-year history.
“We continue to focus on increasing profitably as our No. 1 priority,” chief executive Rejean Robitaille told financial analysts during a conference call.
Laurentian (TSX:LB) raised its quarterly dividend by eight per cent for the second time in five months Thursday June 2, 2011. The dividend will rise to 42 cents per share, a three-cent increase, payable on Aug. 1 to shareholders of record on July 4.
“The substantial progress the bank has made, combined with the confidence that we hold in our future enabled us to once again increase our quarterly dividend,” Robitaille added.
Quebec’s third-largest financial institution earned $30.1 million or $1.13 per share in the three months ended April 30, up from $28.3 million or $1.06 per share a year earlier.
Analysts had expected on average the bank to earn $1.19 per share.
Revenue increased four per cent in the quarter to $185.7 million from $178.1 million, with a slight decline in interest income offset by higher income from other sources.
In the first six months, Laurentian has earned $2.40 per share. The pace should allow it to achieve its target of $4.80 to $5.40 per share for the year, Robitaille said Thursday.
A $12 million provision for loan losses during the most recent quarter was $4 million less than a year ago and $3 million less than the prior quarter.
Provisions for personal loans and credit cards decreased 23 per cent to $5.8 million. Provisions for residential mortgages soared, while those for commercial mortgages plummeted and commercial loans fell nearly in half.
Expenses increased by $11.3 million, about half from increased salaries, benefits and more employees.
Robitaille warned that achieving the bank’s goal of growing revenues by more than five per cent and improving its efficiency ratio may be a challenge due to the slowing of real estate activity since the beginning of the year.
Sumit Malhotra of Macquarie Capital Markets said credit quality was positive as gross impaired loans dropped eight per cent to $155 million.
“(But) the expense increase is disconcerting in that it has occurred at the same time that there are clear signs of slowing in revenue,” he wrote in a report.
The Montreal-based bank said total loans grew by $1.4 billion or seven per cent. But its commercial mortgage loan volume has been reduced because it decided against joining a pricing war that resulted from intense competition outside Quebec.
“I don’t think it’s going to be used forever but at this time, we can’t be seeking volume growth at the expense of profitability,” added Francois Desjardins, CEO of B2B Trust, a subsidiary of Laurentian Bank.
On the Toronto Stock Exchange , the bank’s shares closed down $2.09, or 4.05 per cent, at $49.56.
Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports Laurentian Bank hikes dividend after best second quarter in 165-year history
VANCOUVER, BC (June 3, 2011) Dominion Lending Centres Clearlease Reports Laurentian Bank of Canada is hiking its dividend again as it expects to achieve its profit target for the year after posting its best second quarter in the bank’s 165-year history.
“We continue to focus on increasing profitably as our No. 1 priority,” chief executive Rejean Robitaille told financial analysts during a conference call.
Laurentian (TSX:LB) raised its quarterly dividend by eight per cent for the second time in five months Thursday June 2, 2011. The dividend will rise to 42 cents per share, a three-cent increase, payable on Aug. 1 to shareholders of record on July 4.
“The substantial progress the bank has made, combined with the confidence that we hold in our future enabled us to once again increase our quarterly dividend,” Robitaille added.
Quebec’s third-largest financial institution earned $30.1 million or $1.13 per share in the three months ended April 30, up from $28.3 million or $1.06 per share a year earlier.
Analysts had expected on average the bank to earn $1.19 per share.
Revenue increased four per cent in the quarter to $185.7 million from $178.1 million, with a slight decline in interest income offset by higher income from other sources.
In the first six months, Laurentian has earned $2.40 per share. The pace should allow it to achieve its target of $4.80 to $5.40 per share for the year, Robitaille said Thursday.
A $12 million provision for loan losses during the most recent quarter was $4 million less than a year ago and $3 million less than the prior quarter.
Provisions for personal loans and credit cards decreased 23 per cent to $5.8 million. Provisions for residential mortgages soared, while those for commercial mortgages plummeted and commercial loans fell nearly in half.
Expenses increased by $11.3 million, about half from increased salaries, benefits and more employees.
Robitaille warned that achieving the bank’s goal of growing revenues by more than five per cent and improving its efficiency ratio may be a challenge due to the slowing of real estate activity since the beginning of the year.
Sumit Malhotra of Macquarie Capital Markets said credit quality was positive as gross impaired loans dropped eight per cent to $155 million.
“(But) the expense increase is disconcerting in that it has occurred at the same time that there are clear signs of slowing in revenue,” he wrote in a report.
The Montreal-based bank said total loans grew by $1.4 billion or seven per cent. But its commercial mortgage loan volume has been reduced because it decided against joining a pricing war that resulted from intense competition outside Quebec.
“I don’t think it’s going to be used forever but at this time, we can’t be seeking volume growth at the expense of profitability,” added Francois Desjardins, CEO of B2B Trust, a subsidiary of Laurentian Bank.
On the Toronto Stock Exchange , the bank’s shares closed down $2.09, or 4.05 per cent, at $49.56.
Video Link: http://youtu.be/f_kk7WJa7Uk
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk