CI Financial Corp. (TSX:CIX) is boosting its monthly dividend 5% to $0.11 per share, the Toronto-based wealth management company said Thursday.
The announcement came in conjunction with the release of CI’s earnings for the first quarter ended Mar. 31, 2015.
“CI’s strong cash flow has allowed us to increase the monthly dividend again, for the seventh increase in the last four years, and supported CI’s share buyback program in which we have purchased nearly $50 million in shares in 2015,” says Stephen MacPhail, president and CEO of CI.
CI reported a new high for its net income, which jumped to $144.5 million during the quarter, up 19% from $121.7 million in the year earlier period.
Earnings per share rose from $0.43 a year ago to $0.51, also an increase of 19%.
Total revenue for the first quarter was $501.0 million, up from $445.6 million in the same period in 2014.
Net sales of funds for the first quarter slipped from $1.719 billion a year ago to $1.212 billion.
Assets under management (AUM) climbed to a record high of $109.1 billion, up 13% from $96.4 billion in the same period in 2014.