B2B Trust is reporting flat for the second quarter ended April 30.

Net income for the quarter was $5.5 million or 22¢ per common share compared to $5.3 million or 28¢ per common share a year ago. The earnings per share figures reflect an increase in the average number of common shares to 24.8 million from 18.4 million for the same period in 2001 reflecting common equity issued in last year’s third quarter.

Return on shareholders’ equity was 13.% for the second quarter compared to 17.8% for the same period last year..

Total revenue was $18.7 million, of which $14.2 million was net interest income. For the second quarter of 2001, these figures were $18.5 million and $13.9 million respectively.

Henri-Paul Rousseau, president and CEO says, “B2B Trust is satisfied with these results which are in line with 2002 objectives. During the quarter, the personal loan portfolio showed strong growth. Indeed, RRSP loans increased by $75 million, representing three times the growth of the same period last year, while mutual fund loans increased by $65 million.”

Assets under administration for self-directed plans stood at $5.2 billion at April 30, 2002 compared to $5.6 billion at April 30, 2001, due mainly to a decrease in the number of plans under administration as explained above.

The firm approved a quarterly dividend of 7¢ per common share.