iA Financial Corporation Inc. (IAFNF,IAG.TO) reported Wednesday lower profit in its first quarter, despite higher revenues. Further, the firm lifted dividend.
The company also announced that share buyback program maximum to be increased from 5% of shares outstanding to 8% of public float.
The Board of Directors announced an increase of C$0.11 in the dividend per common share for the quarter, raising it to C$1.1000. Thes dividend will be payable on June 15, to all common shareholders of record at the close of business on May 15.
In addition, the Board announced the payment of a semi-annual dividend of C$32.1750 per Non-Cumulative 5-Year Rate Reset Class A Preferred Share Series C1. The dividend is payable on June 30, to preferred shareholders of record at the close of business on June 5.
Separately, the company announced changes to its executive committee, effective June 1, to support its strong growth and long term strategy.
Benoit Hudon has been appointed as Executive Vice-President, Corporate Strategy and Development.
The company appointed Denis Berthiaume, currently Executive Vice-President, Strategy, Performance, Mergers and Acquisitions, as Executive Vice-President, Chief Growth Officer, Canadian Operations.
Berthiaume succeeds Pierre Miron, Executive Vice-President and Chief Growth Officer Canadian Operations, who has notified the management of his intention to retire effective December 31, 2026.
Miron will continue to serve as Executive Vice President and Strategic Advisor to support a smooth and orderly transition with his successor.
In the first quarter, the company's bottom line totaled C$137 million or C$1.49 per share, compared with C$186 million or C$1.98 per share last year.
Adjusted earnings were C$298 million or C$3.25 per share for the period.
The company's revenue for the period rose 10.4 percent to C$2.016 billion from C$1.826 billion last year.
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