Laurentian Bank reports $36.2 million Q3 profit, beats expectations

The Banque Laurentienne or Laurentian Bank logo is pictured, in Montreal, on Tuesday, June 21, 2016. (THE CANADIAN PRESS/Paul Chiasson)

Laurentian Bank Financial Group beat expectations as it reported a third-quarter profit of $36.2 million.

The Montreal-based bank says the profit amounted to 77 cents per diluted share for the quarter ended July 31 compared with a profit of $47.8 million or $1.05 per share a year earlier.

Revenue totalled $248.6 million, up from $244.7 million for the third quarter of 2019.

Total provisions for credit losses amounted to $22.3 million, compared with $12.1 million a year ago, but down from $54.9 million for the second quarter of 2020.

On an adjusted basis, Laurentian says it earned $1.02 per diluted share for the quarter, down from $1.15 a year ago.

Analysts on average had expected a profit of 45 cents per share for the quarter, according to financial markets data firm Refinitiv.

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

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