Laurentian Bank reports 6% drop in income in Q3

Written By doni icha on Jumat, 30 Agustus 2013 | 22.40

Laurentian Bank says its third-quarter net income fell six per cent as it booked higher costs from the integration of new businesses.

The Quebec-based bank said its quarterly profits dropped to $28.3 million, or 91 cents per share, from $30 million, or $1.06 per share, a year earlier.

On an adjusted basis, which filters out the one-time expenses, profit increased 13 per cent to $39.8 million, or $1.31 per share, which was two cents below analyst expectations, according to a survey by Thomson Reuters.

Revenue grew 14 per cent to $221 million from $193.8 million.

The bank said it booked $14.6 million in higher expenses related to the integration of AGF Trust and the MRS Companies operations, including the IT systems, employee relocation costs and salaries. (The Canadian Press) 09:42ET 30-08-13


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