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Laurentian Bank Financial Group reported third-quarter results on Thursday.Paul Chiasson/The Canadian Press

Laurentian Bank Financial Group reported a third-quarter profit of $47.8-million, down from $54.9-million in the same quarter last year.

The Montreal-based bank says the profit amounted to $1.05 for each diluted share for the quarter ended July 31 compared with a profit of $1.23 for each diluted share a year ago.

On an adjusted basis, Laurentian says it earned $51.9-million or $1.15 a share for the quarter.

That compared with an adjusted profit of $59.4-million or $1.34 a diluted share in the same quarter last year.

Analysts on average had expected a profit of $1.16 a share for the quarter, according to the financial markets data firm Refinitiv.

Laurentian also announced the appointment of two new members to its board of directors, former RBC executive Andrea Bolger and David Mowat, the former chief executive of ATB Financial.

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