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Laurentian Bank of Canada (LB-T) reported net income of $55.9-million for its third quarter, down from $62.1-million in the same quarter last year, as its provision for bad loans rose compared with a year ago.
The Montreal-based bank said Wednesday the profit amounted to $1.18 per diluted share for the quarter ended July 31, down from a profit of $1.32 per diluted share a year earlier.
Revenue totalled $260.0-million, up from $254.9-million for the third quarter of 2021.
The bank said its provision for credit losses totalled $16.6-million in the quarter, up from $5.4-million in the same quarter last year, due mainly to its less favourable outlook for the economy.
On an adjusted basis, Laurentian says it earned $1.24 per diluted share in its most recent quarter, down from an adjusted profit of $1.25 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $1.25 per share, according to estimates compiled by financial markets data firm Refinitiv.
“We remain confident in our ability to exceed our 2022 financial targets despite the macroeconomic environment, due to the strength of our underlying businesses, our prudent and disciplined approach to credit, and the progress we are making delivering on our plan,” Laurentian chief executive Rania Llewellyn said in a statement.
- The Canadian Press
VersaBank (VBNK-T) reported revenue of $21.2-million for its third quarter ended July 31, up from $15.7-million a year ago. The expectation was for revenue of $16.5-million in the latest quarter, according to S&P Capital IQ.
Net income of $5.7-million or 20 cents per share compared to net income of $5.4-million or 25 cents a year ago.
“We are laser-focused on reshaping our portfolio to concentrate our holdings in private pay seniors housing assets. The sale of these two skilled nursing facilities to affiliates of Hillcrest represents another step toward achieving that goal,” stated CEO Scott White in a release.
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