The logo of Laurentian Bank is seen at its head offices in Montreal.Christinne Muschi/Reuters
Laurentian Bank of Canada’s fourth-quarter net income dropped by 13 per cent from the previous year to $50.8-million, on lower revenues and loan volumes, and missed analyst estimates.
The Montreal-based company’s net income amounted to $1.13 a diluted share during the three months ended Oct. 31, down from $1.42 during the same period a year ago.
Analysts had expected earnings of $1.26 a share, according to Thomson Reuters Eikon.
On an adjusted basis, the Montreal-based bank reported net income of $54.3-million, down 18 per cent from $66.5-million.
Other factors weighing on Laurentian’s results include a $5.9-million gain on the sale of its investment in Verico Financial Group during the same quarter one year ago, as well as an increase in provisions for credit losses or money set aside for bad loans.
For the full 2018 financial year, Laurentian reported net income of $224.6-million, up 9 per cent from $206.5-million during 2017.
“Our 2018 results reflect our actions to strengthen the Group’s financial foundation, including maintaining healthy liquidity levels and our investments in people, processes and technology,” Laurentian president and chief executive François Desjardins said in a statement. “This positions us well to deliver our strategic objectives.”