Laurentian Bank of Canada is reporting reduced earnings for the fourth quarter ending October 31.

Laurentian said earnings stood at $24.6 million, or 92¢ a share fully diluted, excluding goodwill. That is down 20% from $30.7 million, or $1.33 a share, a year earlier.

The bank said return on equity, a key measure of profitability, fell to 13.6%, from 22.2% a year ago.

For the fiscal year, Laurentian had net income of $94.8 million or $3.56 cents per share, on revenues of $630.8 million.