Monday, December 22nd5.2°C
24124
23372

Quebec-based Laurentian Bank increases its third-quarter net income

MONTREAL - Laurentian Bank (TSX:LB) reported Thursday a third-quarter profit of $40.1 million, up from a year ago, helped by its commercial banking business.

The Quebec-based bank earned $1.27 per diluted share, up from $27 million, or 86 cents per diluted share, for the same quarter of 2013.

Excluding one-time items, the bank had an adjusted profit of $42.4 million, or $1.35 diluted per share, compared with $38.5 million, or $1.27 per share, in the same quarter last year.

Analysts had expected adjusted earnings per share of $1.40.

Total revenue was down slightly to $219.6 million from $221 million year-over-year.

Laurentian's personal and commercial banking arm earned $30 million for the quarter, up from $26.1 million a year ago.

The bank's said its commercial loan portfolio grew by 16 per cent year-over-year and commercial mortgages grew by nine per cent, excluding the sale of $102 million of commercial mortgage loans in the second quarter of 2014.

On the bank's retail side, Laurentian said it's putting more emphasis on wealth management and income from mutual fund sales increased by 29 per cent in the third quarter compared with a year earlier.

Meanwhile, Laurentian's B2B Bank subsidiary earned $13 million for the quarter, up from $5.2 million a year ago, and Laurentian Bank Securities and Capital Markets earned $3 million in the quarter, compared with $2.3 million in the same quarter last year.

The bank's provision for loan losses increased by $1.5 million to $10.5 million in the third quarter of 2014, up from $9 million in the third quarter of 2013.

Return on equity was 11.2 per cent in the quarter versus 8.1 per cent year-over-year.

The Canadian Press


Read more Business News

24605


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8626+0.001
Gold1197.90+2.00
Oil56.50+2.39
Lumber338.00-0.70
Natural Gas3.266-0.198

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
24130


23015

FEATURED Property
20526731999 Hwy 97 S
2 bedrooms 2 baths
$124,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_



24111

24476


Member of BC Press Council


24433