Laurentian Bank of Canada, which announced Tuesday it was being split up and sold to Fairstone Bank and National Bank, says it earned a fourth-quarter profit of $31.5 million, down from $40.7 million a year ago.
The Montreal-based bank says the profit amounted to 66 cents per diluted share for the quarter ended Oct. 31, down from 88 cents per diluted share in the same quarter last year.
Revenue totalled $244.7 million for the quarter, down from $250.8 million a year ago.
Laurentian’s provision for credit losses was $18 million for the fourth quarter, up from $10.4 million for the fourth quarter of 2024.
On an adjusted basis, Laurentian says it earned 73 cents per diluted share in its latest quarter compared with an adjusted profit of 89 cents per diluted share a year ago.
Analysts on average had expected an adjusted profit of 78 cents per share, according to estimates compiled by LSEG Data & Analytics.