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Laurentian Bank’s main branch in downtown Montreal. (John Morstad/The Globe and Mail)
Laurentian Bank’s main branch in downtown Montreal. (John Morstad/The Globe and Mail)

Laurentian Bank profit plummets on restructuring costs Add to ...

Laurentian Bank of Canada missed expectations as restructuring costs caused its net profit to plummet 41 per cent to $27.2-million in the fourth quarter of its fiscal year despite an increase in revenues.

Adjusting for one-time items, the Quebec-based bank said its net income dipped three per cent to $35.2-million, or $1.14 per share. That compared to $36.2-million or $1.17 per share a year earlier.

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Revenues for the period ended Oct. 31 were $215.5-million, up two per cent from $210.4-million a year ago.

The bank was expected to report $1.31 per share in adjusted earnings in the quarter on $220.5-million of revenues, according to analysts polled by Thomson Reuters.

For the full year, Laurentian Bank’s (TSX:LB) net profit decreased to $124.7-million from $140.5-million a year earlier. On an adjusted basis, its profits reached a record $156-million, up 11 per cent from the prior year. The bank earned $5.09 per share, up from $4.98 per share in 2012.

Revenues increased nine per cent to $865.3-million.

The full-year results fell short of the $5.26 per share adjusted profits on $868.2-million of revenues forecast by analysts.

Founded in 1846, Laurentian is Canada’s seventh-largest bank with $37-billion in assets under administration.

 
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