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Canadian Western Bank hikes dividend

Laurentian Bank reports $53.1M profit in Q2, beats expectations Canadian Press Canaccord reports record revenues, drops proposal to acquire RF Capital Canadian Western Bank Group (TSX: CWB) is increasing its dividend to shareholders following a $45-million profit in the fourth quarter of its 2011 financial year, a 15% increase from the year-earlier period. The dividend will rise to 15 cents per common share, payable on Jan. 4, a seven per cent increase from the previous dividend and up 15 per cent than the dividend declared one year ago. Related news Share this article and your comments with peers on social media Keywords EarningsCompanies Canadian Western Bank Canadian banks to focus on growth, spending and buybacks after strong second quarter The Edmonton-based bank’s net income amounted to 54 cents per diluted share, or 55 cents on a diluted cash basis. That’s up six cents per share by either measure from the fourth quarter of 2010 when CWB’s net income was $39.1 million. The bank’s revenue was $121.2 million, up 12 per cent from $108.4 million in the fourth quarter of fiscal 2010. As with other Canadian banks that reported last week, CWB said it faced a decline in net interest margin but more than offset that with higher loan volumes. Its banking and trust segment accounted for $42.3 million of the profit and $117.5 million of revenue, while the insurance segment contributed $2.7 million in net income. Facebook LinkedIn Twitter read more