Laurentian Bank reports Q3 profit up from year ago, 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 $62.1 million, up from $36.2 million a year ago.

The Montreal-based bank says the profit amounted to $1.32 per diluted share for the quarter ended July 31 compared with 77 cents per diluted share a year earlier.

Revenue totalled $254.9 million for the quarter, up from $248.6 million for the third quarter of 2020.

Laurentian's provision for credit losses for the quarter was $5.4 million for the third compared with $22.3 million a year ago.

On an adjusted basis, the bank says it earned $1.25 per diluted share, up from an adjusted profit of $1.02 per diluted share in the same quarter last year.

Analysts on average had expected the bank to earn a $1.08 per share for the quarter, according to financial market data firm Refinitiv.

"The momentum that we have been building over the first half of the year continued into the third quarter with strong performance in real estate financing, another solid quarter from capital markets, lower provision for credit losses and our continued focus on cost discipline," CEO Rania Llewellyn said in a statement.

"Going forward, we remain focused on enhancing the customer experience while continuing to identify structural cost opportunities."

-- This report by The Canadian Press was first published Sept. 1, 2021.

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