By Colin Kellaher
Royal Bank of Canada on Friday said its board raised the quarterly dividend by 2.9% to C$1.08 from C$1.05.
The new payout, equal to C$4.32 a year, represents an annual yield of about 4% based on Thursday's closing price of C$108, up from about 3.89%.
The Toronto-based bank said the increased dividend is payable May 22 to shareholders of record April 23.
Write to Colin Kellaher at email@example.com