Yesterday I received a raise! Just a few days after an 8% raise from Altria Group Inc (MO) and now we’re back at it again.
Today the raise came from Bank of Nova Scotia (BNS). Canadian banks continue to report good operating results and BNS followed suit. The prior quarterly dividend was $0.72 Canadian dollars per share and the new dividend will be $0.72 CAD/share. This represents a 2.78% increase year over year.
This is the second raise for BNS on the fiscal year. At the beginning of the year the dividend was at $0.70 CAD/share, meaning that to this point BNS has raised their dividend a total of 5.71%. A solid pace.
The CAD foreign exchange rate obviously fluctuates so this isn’t the actually percentage raise I will receive but it is still trending in the right direction.
Since I own only 20 shares of BNS in my Roth IRA account my forward 12-month dividend income while go from $44.60 to $45.40. This is $.80 more income and I didn’t lift a finger.
Two raises in one week, not too shabby.