(December 2 -14:00) –
Laurentian Bank of Canada
reported net income of $55.7
million for the year ended October
31, 1999. That’s down from $68.3
million it earned in 1998. Net
income per share was $2.10 in 1999
compared to $2.83 in 1998. Return
on common shareholders’ equity was
9.6% in 1999, compared to 12.9% in
1998.
For the fourth quarter, net
income totalled $13.2 million,
compared to $18.5 million in 1998.
The return on common shareholders’
equity for the last three months of
1999 was 9.0%, compared to 12.7%
for the same period in 1998. Net
income per share was 51¢ compared
to 74¢ for the same quarter in
1998.
Henri-Paul Rousseau,
Laurentian’s president and chief
executive officer, attributed the
decrease in net income to “many
factors which contributed to reduce
net interest margins and increase
operating costs.” The factors
include a high level of
liquidities, temporary information
technology expenses related to Y2K,
and the launch of the bank’s
transactional web site.
-IE Staff
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