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Luzerner Kantonalbank plans to raise 2017 dividend to CHF12 per share

Switzerland-based Luzerner Kantonalbank AG said Feb. 1 that it plans to pay a dividend of CHF12 per share in respect of 2017 after posting a 6.4% year-over-year increase in consolidated profit to CHF198.4 million.

The general annual meeting is due to vote on the proposed dividend raise April 16. The bank paid out CHF11.50 per share to shareholders in respect of 2016.

Board Chairwoman Doris Russi Schurter said Luzerner Kantonalbank is on track with its 2020 strategy, having achieved CHF385 million in combined profits for the past two years. The bank aims to generate aggregate profit of CHF950 million by 2020, and she said the 2017 profit was the highest in the bank's history.

It expects to achieve a similar level of profit again in 2018, when it also intends to launch a crowdlending business, following on from the launch of crowdfunding in 2016, according to CEO Daniel Salzmann. He did not rule out the possibility that in the long term crowdlending could replace part of the bank's credit lending business with small and medium-sized companies.