Laurentian Bank of Canada says it had a net income of $32.3 million in the second quarter compared with a net loss of $117.5 million in the same quarter last year.
The Montreal-based bank says earnings worked out to 69 cents per share for the quarter ending April 30, compared with a lost of $2.71 a share last year.
Laurentian says total revenue for the quarter was $242.5 million, down from $252.6 million last year.
Chief executive Éric Provost says the bank is satisfied with progress so far as it marks a year into its strategic plan, but that there’s still more work to do.
The bank says its adjusted net income came to $34 million, or 73 cents per share, down from $40.5 million, or 90 cents per share in the same quarter last year.
The bank’s provisions for credit loss totalled $16.7 million in the quarter, down from $17.9 million in the same quarter last year.
Source: Bnnbloomberg