Laurentian Bank of Canada reported a net income of $37.5 million in the third quarter, up from $34.1 million in the same quarter last year.
The Montreal-based bank says earnings worked out to 73 cents per share for the quarter ending July 31, an increase from 67 cents per share last year.
Total revenue for the quarter was $246.8 million, down from $256.5 million last year.
Laurentian said its adjusted net income came to $39.6 million, or 78 cents per share, down from $43.1 million, or 88 cents per share in the same quarter last year.
Net interest income increased by $5.1 million to $185.9 million due to growth of average earning assets and higher interest income from favourable shifts in the bank’s asset mix. This was offset by other income, which fell by $14.8 million to $60.9 million.
Fees and securities brokerage commissions decreased by $4.7 million primarily from the sale of assets under administration of Laurentian Bank Securities’ retail investment broker division in the last quarter of 2024. Lower income from financial instruments and lower lending fees also impacted other income.
Laurentian had $25 billion in assets under management, according to its quarterly report.
Analysts on average had expected an adjusted profit of 73 cents per share, according to LSEG Data & Analytics.
The bank’s provisions for credit loss totalled $11.1 million in the quarter, compared with $16.3 million in the same quarter last year.