One of the major concerns a number of investors have about investing in bank shares such as National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC) is that these banks may be forced into cutting their dividends in the near future.
Whilst I feel confident that Westpac will be able to avoid cutting its dividend, nothing is of course certain. So for investors looking for growing dividends I have picked out the following three shares which I feel are well worth a closer look.
Monash IVF Group Ltd (ASX: MVF)
In FY 2016 fertility treatment company Monash IVF increased its dividend year on year by 22%, providing investors with a fully franked 8.5 cents per share dividend. At the current share price this equates to a fully franked 3.7% yield. The company was able to do this thanks to a strong operating performance which led to a huge 34.6% increase in full year net profit after tax to $28.8 million. With management expecting demand for its services to continue to increase, I believe Monash IVF will be in a great position to continue to grow its earnings and dividend for a number of years.
Money3 Corporation Limited (ASX: MNY)
Money3 is a growing small loans company which I believe is a great investment option for both growth and income investors. According to CommSec analysts are expecting Money3 to grow its dividend by an average of 12% per annum through to FY 2018. This means that in FY 2017 analysts have forecast for its shares to provide an estimated fully franked 4.1% dividend. With management expecting net profit to grow 30% in FY 2017, I feel confident in these forecasts and believe Money3 would be a great addition to most portfolios today.
Retail Food Group Limited (ASX: RFG)
The master franchisor of a range of popular brands including Gloria Jean's and Donut King recently posted a staggering 79% rise in net profit after tax to $61 million. As you would expect its shares went gangbusters after the result and have now climbed around 16% higher since. But despite the strong gains its shares are still expected to provide investors with a fully franked 4.4% dividend in FY 2017. If it does increase its dividend this year as expected, it will mean an impressive 10 consecutive years of dividend increases.
