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Dec 4, 2020

Laurentian Bank reports lower Q4 profit, but beats expectations

Brian Madden discusses Laurentian Bank

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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.