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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.

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