(May 31 – 12:30 ET) – Laurentian Bank has reported improved income for the second quarter. Net income came to $17.5 million for the quarter ended April 30, 2000, compared to $12.1 million for the same period a year ago.
Earnings per share was 70¢, compared to 43¢ last year, an increase of 63%. Return on common shareholders equity was 12.4% for the quarter, compared to 8.1% in 1999.
Interest income grew 19% to $66.9 million during the quarter, thanks to growth in average loan volumes. The loan growth resulted almost equally from the acquisition of Sun Life Trust Company and the new business generated by the bank. The Sun Life acquisition was completed on March 1, 2000.
Non-interest income grew to $57 million, up from $51.8 million a year ago. Brokerage operations continued to grow following the integration of Tassé & Associés acquired during the quarter.
Commenting on these results, Henri-Paul Rousseau, president and CEO said, “Most of the increase in profitability results from growth and efficiency improvements in our retail banking and commercial and corporate banking divisions. The acquisition of Tassé & Associés and of Sun Life Trust completed during the second quarter are contributing to the improved performance of our brokerage and agency banking divisions. Moreover, the launch of B2B Trust will position the Bank for further growth in the years to come”, concluded Rousseau.
Laurentian has declared a regular quarterly dividend of 23¢ a share, and quarterly dividends on several series of preferred shares.
-IE Staff