Laurentian Bank of Canada reported a first-quarter profit of $37.3 million, down from $51.9 million a year earlier.

The Montreal-based bank says the profit amounted to 75 cents per diluted share for the quarter ended Jan. 31, down from a profit of $1.09 per diluted share in its first quarter last year.

Revenue totalled $258.3 million, down from $260.1 million a year earlier.

The results came as Laurentian's provision for credit losses totalled $16.9 million, up from $15.4 million in its first quarter last year.

On an adjusted basis, the bank says it earned 91 cents per diluted share in its latest quarter, down from an adjusted profit of $1.15 per diluted share a year earlier.

Analysts on average had expected a profit of 95 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 29, 2024.