Laurentian Bank of Canada (LB) has reported its most profitable quarter since 2018.
The Montreal-based bank said it earned a second-quarter profit of $59.5 million, up from $53.1
million a year ago. Net income amounted to $1.34 per share for the quarter ended April 30, up
from $1.15 a share in the same quarter a year earlier.
Revenue at the lender totalled $259.6 million compared with $249.8 million for the second
quarter of 2021, an increase of 4%.
Laurentian Bank said its provision for credit losses amounted to $13 million for the quarter
compared with $2.4 million a year earlier because of “releases of allowances on performing
loans recorded in fiscal 2021.”
Analysts, on average, had expected earnings of $1.15 per share, according to Refinitiv data.
Laurentian said strength in commercial banking and capital markets, combined with a focus on
cost management, helped lift the bank’s profits in the second quarter.
Laurentian has also approved an increase of one cent on its common shares and declared a
regular quarterly dividend of $0.45 per share payable on August 1.
Laurentian Bank’s stock is up 2% this year at $42.05 a share.
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