Laurentian Bank reports $40M Q4 profit

Laurentian Bank of Canada reported a fourth-quarter profit of $40.7 million, up from $30.6 million a year ago.

The Montreal-based bank says the profit amounted to 88 cents per diluted share for the quarter ended Oct. 31, up from a profit of 67 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $250.8 million, up from $247.4 million a year earlier.

The bank’s provision for credit losses for the quarter amounted to $10.4 million compared with $16.7 million a year ago.

On an adjusted basis, Laurentian says it earned 89 cents per diluted share in its latest quarter, down from an adjusted profit of $1.00 per diluted share in the same quarter last year.

The average analyst estimate had been for an adjusted profit of 87 cents per share, according to data provided by LSEG Data & Analytics.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.