Laurentian Bank of Canada’s profit slipped in Q1 as expenses rose and it set aside more funding for loans potentially going bad. Read on.
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The bank’s reported profit fell by just over six per cent year over year to $51.9 million in the three-month period ending Jan. 31. On an adjusted basis, the bank’s profit was $54.3 million, or $1.15 per share, down nearly nine per cent from a year earlier but ahead of Bloomberg analyst expectations of $1.13 per share.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Total revenue edged up one per cent to $260.1 million on rising net interest income from commercial loans. Adjusted non-interest expenses also climbed five per cent year over year to $180.5 million due to higher employee salaries and technology investments.
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