(August 29 – 11:10 ET) – Laurentian Bank of Canada today said its third-quarter profit per share climbed 70% – to 78¢ from 46¢ – as net income rose to $19.1 million from $12.8 million.

The bank also raised its quarterly common dividend to 25¢ from 23¢, payable Nov. 1 to holders of record Oct. 2.

Return on common shareholders’ equity was 13.1% for the quarter, compared to 8.4% in the same period of 1999.

Nine-month net income rose to $51.5 million, or $2.05 a share, from $42.5 million, or $1.59, and return on shareholders’ equity increased to 11.9% from 9.8%.

“These improved earnings are due to growth and improved efficiency in
our principal business lines and the very high level of retention of the Sun Life Trust Company acquired business,” said bank president and CEO Henri-Paul Rousseau.

“We are confident that this momentum will continue in the fourth quarter of 2000 and in 2001 with the addition of the new business resulting from B2B Trust initiatives and from the acquisition of 43 Scotiabank branches in Quebec”.

-IE Staff