MONTREAL — Laurentian Bank Financial Group beat expectations as it reported a third-quarter profit of $36.2 million.
The Montreal-based bank says the profit amounted to 77 cents per diluted share for the quarter ended July 31 compared with a profit of $47.8 million or $1.05 per share a year earlier.
Revenue totalled $248.6 million, up from $244.7 million for the third quarter of 2019.
Total provisions for credit losses amounted to $22.3 million, compared with $12.1 million a year ago, but down from $54.9 million for the second quarter of 2020.
On an adjusted basis, Laurentian says it earned $1.02 per diluted share for the quarter, down from $1.15 a year ago.
Analysts on average had expected a profit of 45 cents per share for the quarter, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Sept. 4, 2020.
Companies in this story: (TSX:LB)
The Canadian Press