Laurentian profit misses expectations; bank buys back $135 million in mortgages after review
September 6 2018 Posted by Gary Bhutta
MONTREAL — Laurentian Bank of Canada’s net income was virtually flat in the third quarter compared with last year at $54.9 million, as the company recorded acquisition-related costs and other expense increases that offset five per cent higher revenue.
The Montreal-based company’s net income per share amounted to $1.23 per share, which was down from $1.48 per share or $54.8 million in last year’s third quarter, when there was less outstanding Laurentian stock.
Adjusted earnings totalled $59.4 million, or $1.34 per share for the three months ended July 31 — down from $59.9 million or $1.63 per share in last year’s third quarter.
Analysts had estimated $1.43 per share of net income and $1.45 per share of adjusted earnings, according to Thomson Reuters Eikon.
The bank’s total revenue increased by $12.7 million to $260.7 million, driven by growth from its commercial loan portfolio following its acquisition of Northpoint Commercial Finance, completed in August 2017, in return for cash and stock.