Royal Bank Boosts Dividend 2.9%
By Robb M. Stewart
Royal Bank of Canada lifted its dividend 2.9% after logging a rise in earnings, joining the few major Canadian lenders increasing payouts this quarter.
Directors of the bank, Canada's largest by market value, declared a dividend of 1.42 Canadian dollars ($1.04) a share, an increase of 4 Canadian cents. The dividend will be payable on and after Aug. 24 to shareholders of record at the close of business July 25.
The new payout, equal C$5.68 year, represents an annual yield of about 4% based on Wednesday's closing price of C$140.96.
Toronto-based Royal Bank recorded net income of C$3.95 billion, or C$2.74 a share, for the three months to April 30, up from C$3.68 billion, or C$2.60, a year earlier.
Canadian Imperial Bank of Commerce, another of the country's big lenders, on Thursday left its dividend for the coming quarter unchanged at C$0.90 a share.
Earlier in the week, Bank of Montreal boosted its quarterly dividend payout 2.6% to C$1.55 a share, while National Bank lifted its dividend 3.8% to C$1.10 a share.
Toronto-Dominion Bank opted to hold its quarterly dividend steady at C$1.02 a share and its earnings in the fiscal second quarter were squeezed not only by a higher loan-loss provision but by an initial $450 million charge booked in connection with one of the regulatory investigations underway in the U.S. into failings in the bank's anti-money laundering program.
Bank of Nova Scotia paused its usual pattern of second-quarter dividend increases, holding the payout steady at C$1.06 a share, though Chief Financial Officer Rajagopal Viswanathan said dividend increases are expected to resume in 2025 when earnings are expected to also grow.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 30, 2024 07:05 ET (11:05 GMT)
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