Don’t miss these 3 ASX shares with fast-growing dividends

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.

Finally, if you're still looking for dividend ideas then these three fantastic shares each pay strong and growing fully franked dividends too.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Retail Food Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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