In the midst of the ongoing financial turmoil, Canadian bank earnings growth has been is flat to negative in recent quarters, however, the dividend pulse is still beating.
Toronto Dominion Bank (TD), the second largest Canadian bank, raised their dividend by 3.4% last quarter. TD has been raising dividends twice per year since at least 1999.
Laurentian Bank of Canada (LB), which is 1/50 the size of TD also raised their dividend by 6.3% in the latest quarter. This was Laurentian's second dividend hike since September of 2007.
Bank of Nova Scotia (BNS), Canada's third largest bank raised their quarterly dividend twice during fiscal 2008. BNS has raised their dividend in 33 of the last 37 years.
Dividend growth through thick and thin, is a good indicator of a financially sound, well run corporation with confidence in the future and a bias toward rewarding shareholders.
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