We follow high standards of editorial integrity on this website to help you make informed decisions. This article may include links to services and products from our partners. We may receive compensation when you sign up, at no cost to you. It does not change our unbiased reviews, evaluations or advice. Please take a look at our disclosure.

Laurentian Bank reports $30.6M Q4 profit, down from $55.7M a year ago


Daily news image from my rate compass
Reading Time: < 1 minute

MONTREAL — Laurentian Bank of Canada reported its fourth-quarter profit fell compared with a year ago as it was hit by restructuring and other costs related to its strategic review and a major computer outage in September.

The Montreal-based bank says it earned $30.6 million or 67 cents per diluted share for the quarter ended Oct. 31, down from a profit of $55.7 million or $1.26 per diluted share a year earlier.

The bank says the results included a $5.3-million charge related to the mainframe outage and $15.9 million in restructuring and strategic-review related charges.

Revenue for the quarter totalled $247.4 million, down from $257.1 million a year ago, while provisions for credit losses totalled $16.7 million for the quarter compared with $17.8 million in the fourth quarter of 2022.

On an adjusted basis, Laurentian says it earned $1 per diluted share in its latest quarter, down from an adjusted profit of $1.31 per diluted share in the same quarter last year.

Laurentian named Éric Provost as its new chief executive in October, replacing Rania Llewellyn in the top job, after the mainframe outage which happened during a planned IT maintenance update. Director Michael Boychuk was also appointed chair of its board of directors, replacing Michael Mueller, who resigned from the board.

This report by The Canadian Press was first published Dec. 7, 2023.

Companies in this story: (TSX:LB)

The Canadian Press

Author Bio

The Canadian Press

The Canadian Press is Canada’s independent national news agency that informs Canadians, providing depth, breadth and perspective with regional, national and international news 24/7/365.


Credit Card Deals

Tangerine World Mastercard® Review
Apply for a Tangerine World Mastercard® by April 30, 2024 and earn an extra 10% back* (up to $100)
Ends Apr 30, 2024
Tangerine Money-Back Credit Card Review
Apply for a Tangerine Money-Back Credit Card by April 30, 2024 and earn an extra 10% back (up to $100)
Ends Apr 30, 2024
Simplii Financial™ Cash Back Visa* Card Review
For your first 4 months, enjoy 10% bonus cash back‡ at restaurants and bars up to $500 spend. Get 4% cash back after that.
Ends Feb 29, 2024
Neo Card Review
Get $25 cash back when you sign up for the Neo Credit Mastercard.
Neo CardTM (Secured) Review
$25 welcome bonus for new cardholders