Laurentian Bank reports $53.1M second-quarter profit, beats expectations
Posted June 2, 2021 8:03 am.
Last Updated June 2, 2021 8:08 am.
This article is more than 5 years old.
MONTREAL — Laurentian Bank Financial Group beat expectations as it reported a second-quarter profit of $53.1 million, up from a profit of $8.9 million a year ago.
The Montreal-based bank says the profit amounted to $1.15 per diluted share, up from 13 cents per diluted share in the same quarter last year.
The improvement came as the bank’s provisions for credit losses fell to $2.4 million in the quarter compared with $54.9 million a year ago when the economy stalled due to the COVID-19 pandemic.
Revenue totalled $249.8 million, up from $240.1 million a year earlier.
On an adjusted basis, Laurentian says it earned $1.23 per diluted share, up from an adjusted profit of 20 cents per diluted share a year ago.
Analysts on average had expected the bank to earn an adjusted profit of 89 cents per share, according to financial data firm Refinitiv.
“The momentum we built in the first quarter of 2021 continued into the second quarter with strong performance in capital markets, lower provision for credit losses and our continued focus on cost discipline,” Laurentian CEO Rania Llewellyn said in a statement.
This report by The Canadian Press was first published June 2, 2021.
Companies in this story: (TSX:LB)
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