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Rejean Robitaille, president and chief executive of Laurentian Bank

REUTERS

Laurentian Bank of Canada raising its quarterly dividend by 8 per cent following increased profit and revenue.

The dividend will rise to 42 cents per share, a 3-cent increase, payable on Aug. 1 to shareholders of record on July 4.

The Montreal-based company also reported its second-quarter net income was $30.1-million or $1.13 per cent in the three months ended April 30, up from $28.3-million or $1.06 per share a year earlier.

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The improvement was partially due to reduced provisions for loan losses, which fell to $12-million from $16-million in the second quarter of fiscal 2010.

Revenue increased 4 per cent to $185.7-million from $178.1-million, with a slight decline in interest income offset by higher income from other sources.



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