June 23rd, 2024

Laurentian Bank Q1 profit down, provisions for credit losses up from year ago

By The Canadian Press on February 28, 2023.

MONTREAL – Laurentian Bank of Canada reported its first-quarter profit fell compared with a year ago as its provisions for credit losses ticked higher.

The Montreal-based bank says it earned $51.9 million or $1.09 per diluted share for the quarter ended Jan. 31 compared with a profit of $55.5 million or $1.17 per diluted share a year earlier.

Revenue totalled $260.1 million for bank’s latest quarter, up from $257.5 million in the same quarter last year.

Laurentian says its provision for credit losses for its first quarter was $15.4 million, up from $9.4 million a year earlier.

On an adjusted basis, Laurentian says it earned $1.15 per diluted share in its latest quarter compared with an adjusted profit of $1.26 per diluted share a year earlier.

Analysts on average had expected a profit of $1.12 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 28, 2023.

Companies in this story: (TSX:LB)

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