Laurentian Bank of Canada LB-T says it earned $34.1-million in its third quarter, down from $49.3-million in the same quarter last year.
The Montreal-based bank says the profit amounted to 67 cents per diluted share for the quarter ended July 31 compared with a profit of $1.03 per diluted share a year earlier.
Revenue for the quarter totalled $256.5-million, down from $260.8-million in the same quarter last year.
The bank’s provision for credit losses amounted to $16.3-million for the quarter, up from $13.3-million a year ago.
On an adjusted basis, Laurentian says it earned 88 cents per diluted share in its latest quarter compared with an adjusted profit of $1.22 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of 86 cents per share, according to LSEG Data & Analytics.