Laurentian Bank of Canada reported a third-quarter profit of $49.3 million, down from $55.9 million in the same quarter last year.

The bank, which announced it was conducting a review of its strategic options in July, said the profit amounted to $1.03 per diluted share of the quarter ended July 31, down from $1.18 per diluted share a year earlier.

Revenue totalled $260.8 million for the quarter compared with $260.0 million in the same quarter last year.

Laurentian's provision for credit losses amounted to $13.3 million for its third quarter compared with $16.6 million a year earlier.

On an adjusted basis, the bank says it earned $1.22 per diluted share in its most recent quarter, down from an adjusted profit of $1.24 per diluted share a year ago.

Analysts on average on had expected a profit of $1.16 per share, according to estimates compiled by financial markets data firm Refinitiv.

"We announced solid results this quarter, and I am extremely pleased with the progress we continue to make on our fiscal year 2023 priorities, in particular, our continued focus on enhancing the customer experience," Laurentian chief executive Rania Llewellyn said in a statement Thursday. 

Shares of Laurentian soared in July after it announced it was conducting a review of its strategic options to maximize shareholder value. 

A strategic review is often a prelude to a sale by a company.

Montreal-based Laurentian has been working through a three-year strategic plan it launched in late 2021 to modernize operations, including with the rollout of its first mobile banking app, as it looks to catch up to the offerings of other Canadian banks.

This report by The Canadian Press was first published Aug. 31, 2023.