MONTREAL -- Laurentian Bank Financial Group missed expectations as it reported its first-quarter profit fell to $32.2 million compared with $40.3 million in the same quarter a year earlier.

The bank says the profit amounted to 68 cents per diluted share for the quarter ended Jan. 31 compared with a profit of 88 cents per diluted share a year earlier.

On an adjusted basis, Laurentian says it earned 79 cents per share for the quarter, down from an adjusted profit of 98 cents per share in the first quarter of its 2019 financial year.

Analysts on average had expected an adjusted profit of $1.08 per share, according to financial markets data firm Refinitiv.

Laurentian chief executive Francois Desjardins says the bank was disappointed with its results and is addressing both the revenue and expense sides of the equation.

However, he notes Laurentian has seen continued growth in business services and progress towards stabilizing its loan portfolio to personal customers.