Laurentian Bank beats earnings expectations as provision for credit losses falls
MONTREAL — Laurentian Bank of Canada reported a third-quarter profit of $49.3 million, down from $55.9 million in the same quarter last year.
The bank, which announced it was conducting a review of its strategic options in July, said the profit amounted to $1.03 per diluted share of the quarter ended July 31, down from $1.18 per diluted share a year earlier.
Revenue totalled $260.8 million for the quarter compared with $260.0 million in the same quarter last year.
Laurentian’s provision for credit losses amounted to $13.3 million for its third quarter compared with $16.6 million a year earlier.
On an adjusted basis, the bank says it earned $1.22 per diluted share in its most recent quarter, down from an adjusted profit of $1.24 per diluted share a year ago.
Analysts on average had expected a profit of $1.16 per share, according to estimates compiled by financial markets data firm Refinitiv.
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