MONTREAL – Laurentian Bank of Canada reported a first-quarter profit of $38.6 million, up from $37.3 million a year earlier.
The Montreal-based bank said Friday the profit amounted to 76 cents per diluted share for the quarter ended Jan. 31, up from 75 cents per diluted share in the same quarter last year.
Revenue totalled $249.6 million, down from $258.3 million.
“Our decision, as an organization, to adopt a focused approach in areas where we can win is starting to prove to be the right strategy,” Laurentian chief executive Éric Provost said in a statement.
“Our strong liquidity and capital levels position us well to face the current macroeconomic and geopolitical uncertainties.”
Laurentian says its provision for credit losses amounted to $15.2 million for its first quarter, compared with $16.9 million for its first quarter last year.
On an adjusted basis, Laurentian says it earned 78 cents per diluted share in its latest quarter, down from an adjusted profit of 91 cents per diluted share a year earlier.
The average analyst estimate had been for an adjusted profit of 76 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Feb. 28, 2025.
Companies in this story: (TSX:LB)
