Skip to main content

File photo of Rejean Robitaille, president and chief executive officer of Laurentian Bank.

CHRISTINNE MUSCHI/REUTERS

Laurentian Bank of Canada said Wednesday it earned $34.1-million in its latest quarter as acquisitions helped boost revenue from a year ago.

The bank said the profit amounted to $1.12 diluted per share in its first quarter, compared with $31.0-million or $1.16 diluted per share a year ago when the company had fewer shares outstanding.

Revenue totalled $213.9-million, up from $193.7-million.

Story continues below advertisement

"Last year's acquisitions of the MRS Companies and AGF Trust have helped maintain strong revenue growth over the last twelve months, while the excellent credit quality of the bank's loan portfolio and recovering financial markets also contributed to our good performance," Laurentian chief executive officer Rejean Robitaille said.

"With the integration of the MRS Companies nearly completed, our efforts now focus on the integration of the AGF Trust business in order to optimize the benefits for our clients as well as to fully realize the expected synergies of these two transactions."

Laurentian said provisions for loan losses for the quarter totalled $8-million, down from $10-million a year ago, despite an 18 per cent increase in the loan portfolio.

The quarter included a $3.2-million provision related to the AGF Trust loan portfolios and a net credit of $2.6-million in loan losses in the commercial loan portfolio.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨