Businessman hand showing financial report on table

Laurentian Bank of Canada reported a first-quarter profit of $55.5 million, up from $44.8 million a year ago, and beat expectations.

The Montreal-based bank says its net income amounted to $1.17 per diluted share for the quarter ended Jan. 31, up from 96 cents per diluted share in the same quarter a year earlier.

Revenue totalled $257.5 million for the quarter, up from $247.4 million for the first quarter last year.

Laurentian says its provisions for credit losses amounted to $9.4 million for the quarter compared with $16.8 million a year earlier as lower provisions on impaired loans were partly offset by higher provisions on performing loans.

On an adjusted basis, Laurentian says it earned $1.26 per diluted share in its most recent quarter, up from an adjusted profit of $1.03 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.20 per share, according to financial markets data firm Refinitiv.

“The bank’s year of execution is off to a good start, driven by strong performance in commercial banking, our continued focus on cost management, and sound credit quality,” chief executive Rania Llewellyn said in a statement.