Laurentian releases strong Q3 earnings

Laurentian Bank reported net income of $30.0 million, or $1.06 diluted per share, for the Q3 2012, compared to $29.1 million in 2011.

Excluding transaction and integration costs, the bank’s net income was up 21% to $35.3 million, or $1.27 diluted per share, in Q3 2012.

Return on common shareholders’ equity was 10.2%, down from 11.2% for the third quarter of 2011.

Réjean Robitaille, president and CEO, says, “The bank’s core profitability continues to increase despite a challenging environment. We generated good organic loan and deposit growth in all our business lines and have excellent credit quality.

He adds, “The conversion and integration process of MRS Companies is going according to plan. We’re leveraging strategic opportunities such as the acquisition, and are focusing on revenue growth and managing expenses.”

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