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Laurentian Bank reports Q4 profit down from year ago, but beats expectations

Laurentian Bank reports Q4 profit down from year ago, but beats expectations | iNFOnews.ca
The Banque Laurentienne or Laurentian Bank logo is seen in Montreal on June 21, 2016. Laurentian Bank Financial Group beat expectations even as it reported its fourth-quarter profit slipped to $36.8 million compared with $41.3 million a year earlier. THE CANADIAN PRESS/Paul Chiasson

MONTREAL – Laurentian Bank Financial Group beat expectations even as it reported its fourth-quarter profit slipped to $36.8 million compared with $41.3 million a year earlier.

The Montreal-based bank says its profit amounted to 79 cents per diluted share for the quarter ended Oct. 31, down 90 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $243.5 million, up from $241.6 million a year earlier.

Provisions for credit losses amounted to $24.2 million for the quarter, up from $12.6 million for the fourth quarter of 2019.

On an adjusted basis, Laurentian says it earned 91 cents per diluted share in its latest quarter, down from $1.05 per diluted share a year ago.

Analysts on average had expected an adjusted profit of 73 cents per share, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Dec. 4, 2020.

Companies in this story: (TSX:LB)

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Abbey Westbury

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