Laurentian Bank reports $49.3M Q3 profit, down from $55.9M a year ago
By The Canadian Press on August 31, 2023.
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 on had expected a profit of $1.16 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Aug. 31, 2023. Companies in this story: (TSX:LB) 9-8
