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Fly Leasing raises quarterly dividend to 22 cents

NEW YORK (AP) -- Irish aircraft leasing company Fly Leasing Ltd. said Friday it is raising its quarterly dividend by 10 percent, to 22 cents from 20 cents.

The company will pay its next quarterly dividend Aug. 20 to shareholders of record on July 30.

Fly Leasing said it is raising its dividend because its profits increased significantly after it expanded its fleet of modern aircraft.

Fly Leasing's stock gained 25 cents, or 2 percent, to $12.91 Friday.