Laurentian Bank reports $117.5M loss in second quarter as revenue falls

Laurentian Bank of Canada reported a second-quarter loss of $117.5 million, compared with net income of $49.3 million a year earlier.

The Montreal-based bank says the loss amounted to $2.71 per diluted share for the quarter ended April 30, down from a profit of $1.11 per diluted share in its second quarter last year.

Revenue totalled $252.6 million, down from $257.2 million a year earlier.

The results came as Laurentian's provision for credit losses totalled $17.9 million, up from $16.2 million in its second quarter last year.

On an adjusted basis, the bank says it earned 90 cents per diluted share in its latest quarter, down from an adjusted profit of $1.16 per diluted share a year earlier.

Analysts on average had expected a profit of 88 cents per share, according to estimates compiled by financial markets data firm LSEG Data & Analytics.

This report by The Canadian Press was first published May 31, 2024.