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Laurentian Bank Financial Group reported a third-quarter profit of $47.8 million, down from $54.9 million in the same quarter last year.

The Montreal-based bank says the profit amounted to $1.05 per diluted share for the quarter ended July 31 compared with a profit of $1.23 per diluted share a year ago.

On an adjusted basis, Laurentian says it earned $51.9 million or $1.15 per share for the quarter.

That compared with an adjusted profit of $59.4 million or $1.34 per diluted share in the same quarter last year.

Analysts on average had expected a profit of $1.16 per share for the quarter, according to the financial markets data firm Refinitiv.

Laurentian also announced the appointment of two new members to its board of directors, former RBC executive Andrea Bolger and David Mowat, the former chief executive of ATB Financial.