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Laurentian Bank reports $34.1M Q3 profit, down from $49.3M a year ago

MONTREAL — Laurentian Bank of Canada says it earned $34.1 million in its third quarter, down from $49.3 million in the same quarter last year.
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Laurentian Bank headquarters are seen Tuesday, April 5, 2022 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

MONTREAL — Laurentian Bank of Canada says it earned $34.1 million in its third quarter, down from $49.3 million in the same quarter last year.

The Montreal-based bank says the profit amounted to 67 cents per diluted share for the quarter ended July 31 compared with a profit of $1.03 per diluted share a year earlier.

Revenue for the quarter totalled $256.5 million, down from $260.8 million in the same quarter last year.

The bank's provision for credit losses amounted to $16.3 million for the quarter, up from $13.3 million a year ago.

On an adjusted basis, Laurentian says it earned 88 cents per diluted share in its latest quarter compared with an adjusted profit of $1.22 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of 86 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Aug. 30, 2024.

Companies in this story: (TSX:LB)

The Canadian Press

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