Laurentian Bank of Canada today reported a 48% jump in first-quarter profit, helped by an asset sale and stronger interest income.

The bank said net earnings for the ended January 31 were $17.3 million or 60¢ a share, up from $11.7 million, or 43¢ a share, in the year-before period.

The bank recorded a gain of $9.8 million, or 35¢ per share, on the sale of shares of the BLC-Edmond de Rothschild Asset Management joint venture, but also lost 12¢ per share on writedowns.

Stripping out these items, income from continuing operations was 38¢ per share.

The bank said loan-loss provisions were $9.8 million in the quarter, about even with the year-before period, while return on equity was 8.3%, compared with 6.0%.

Revenue rose 0.6% to $119.2 million, helped by stronger interest income.

“I am satisfied with the results for the first quarter, especially with the performance of retail financial services and the improvement of our net interest income; we are making progress with regards to our business plan,” said Raymond McManus, president and CEO.

“Other initiatives undertaken in 2004, such as the B2B Trust privatization and the capital restructuring have also contributed positively to results,” he added.