Laurentian Bank of Canada raised its quarterly dividend as it reported a second-quarter profit of $49.3 million, down from $59.5 million a year ago.

The Montreal-based bank says it will now pay a quarterly dividend of 47 cents per share, up a penny from 46 cents.

The increased payment to shareholders came as Laurentian says it earned $1.11 per diluted share for the quarter ended April 30, down from $1.34 per diluted share in the same quarter last year.

Revenue for the quarter totalled $257.2 million, down from $259.6 million in the second quarter of 2022, while the bank's provision for credit losses amounted to $16.2 million, up from $13.0 million a year earlier.

On an adjusted basis, Laurentian says it earned $1.16 per diluted share in its most recent quarter, down from an adjusted profit of $1.39 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.12 per share, based on estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published June 1, 2023.