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Laurentian Bank of Canada LB-T reported a second-quarter profit of $59.5 million, up from $53.1 million a year ago, its most profitable quarter since 2018.

The Montreal-based bank says its net income amounted to $1.34 per diluted share for the quarter ending April 30, up from $1.15 per diluted share in the same quarter a year earlier.

Revenue totalled $259.6 million for the quarter compared with $249.8 million for the second quarter of 2021, an increase of 4 per cent.

Laurentian says its provision for credit losses amounted to $13 million for the quarter compared with $2.4 million a year earlier as a result of “releases of allowances on performing loans recorded in fiscal 2021.”

On an adjusted basis, Laurentian says it earned $1.39 per diluted share in its most recent quarter, up from an adjusted profit of $1.23 per diluted share a year earlier.

Analysts on average had expected earnings of $1.15 per share, according to financial markets data firm Refinitiv.

Laurentian chief executive Rania Llewellyn says strength in commercial banking and capital markets, combined with a focus on cost management, helped the bank in the second quarter.

Laurentian has also approved an increase of one cent on its common shares and declared a regular quarterly dividend of 45 cents per share on the common shares payable Aug. 1.

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