On an adjusted basis, the bank reported earnings of $57.8 million and $1.31 per share in the three months ending October 31, up from $1.06 per share last year. Analysts were expecting $1.24 on average. Revenues were up three per cent to $257.1 million.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“I am extremely pleased that we exceeded all of our financial targets in this first year of our three-year strategic plan,” said Laurentian Bank president and chief executive officer Rania Llewellyn in a accompanying the results. “Our solid results speak to the strength of our underlying business, our ongoing focus on cost discipline, our prudent approach to credit, and our continued efforts in executing against our plan.”Article content
Higher interest income growth from commercial loans helped drive growth in net interest income, which rose six per cent to $183.8 million for the quarter. The bank’s expenses fell by $182.3 million to $174.1 million and its loan-loss provisions, or the amount the bank set aside for bad loans, stood at $17.8 million from $24.9 million a year earlier.