MONTREAL - 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.