(Updates with closing price in second paragraph.)
June 22 (Bloomberg) -- Mauritius Commercial Bank, the Indian Ocean island nation’s largest lender by market value, climbed to a more than three-year high after saying it will pay a dividend of 3.25 rupees for the year through June.
The stock advanced 2 rupees, or 1.1 percent to 190 rupees, the highest since February 2008, by the 1:30 p.m. close in Port Louis, the capital.
“The stock price increased following the lender’s dividend announcement yesterday,” Kishen Nadassen, a research analyst at Cim Stockbrokers Ltd., said in a phone interview. “The total dividend has increased by 9.5 percent to 5.75 rupees this year.”
Nadassen added that the dividend attests to “the lender’s good performance and its target of a record profit exceeding 4 billion rupees ($142 million).”
--Editors: Ana Monteiro, Peter Branton
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