Propel Holdings Raises Quarterly Dividend 5.9% to C$0.27

Propel Holdings Inc. (TSX: PRL) will raise its quarterly dividend 5.9% to C$0.27 per common share in the fourth quarter, following record revenue in the third quarter.

The board approved the increase Nov. 3, raising the payment from C$0.255 per share. The new rate brings the annualized dividend to C$1.08 per share, up from C$1.02, and marks Propel’s 13th consecutive quarterly increase.

Shareholders of record at the close of business Nov. 26 are scheduled to receive the dividend Dec. 3.

Revenue for the three months ended Sept. 30 climbed 32% from a year earlier to US$201.5 million. Net income increased 23% to US$18.4 million, while adjusted net income rose 54% to US$24.9 million.

Chief Executive Officer Clive Kinross said quarterly revenue topped $200 million for the first time in the company’s history. Propel provides credit access to consumers underserved by traditional financial institutions.