As Canadian banks reported their second quarter earnings last week, I was the lucky recipient of three dividend raises. Even with the price of oil still depressed, Canadian banks continued to churn out record-setting profits that supported boosting their dividends. My three raises were expected (all three banks raised their dividends in the same quarter last year) and are outlined below.
- Laurentian bank increased their quarterly dividend by $0.02 (3.7%) to $0.56 per share.
- Bank of Montreal raised their quarterly payout by $0.02 (2.5%) to $0.82 per share.
- National Bank increased their quarterly dividend by $0.02 (4.0%) to $0.52 per share.
I continue to be a big believer in the long-term prospects for Canadian banks. Their strong industry lobby group The Canadian Bankers Association , along with a favorable regulatory environment, and little foreign competition should help keep profits and dividends growing. As you can see on my Investment Holdings page, I own every major Canadian bank with the exception of CIBC. I wait patiently for the next time Canadian banks go on sale so that I can add more to my holdings in this important sector of the Canadian economy.