MONTREAL — Laurentian Bank of Canada reported a dip in third-quarter profits as it continues to work through a strategic review.
"The review is still underway, and we do not intend on disclosing further developments until it concludes," said chief executive Rania Llewellyn on an earnings call Thursday.
"During this time, we remain committed to executing on the bank strategy and our fiscal 2023 priorities with the full support and confidence of the board."
The review, which was announced in July and will explore a range of options including a potential sale, comes as the bank reported a third-quarter profit of $49.3 million, down from $55.9 million in the same quarter last year.
Revenue totalled $260.8 million for the quarter compared with $260.0 million in the same quarter last year.
Laurentian's provision for credit losses amounted to $13.3 million for its third quarter compared with $16.6 million a year earlier.
On an adjusted basis, the bank says it earned $1.22 per diluted share in its most recent quarter, down from an adjusted profit of $1.24 per diluted share a year ago.
Analysts on average expected a profit of $1.16 per share, according to estimates compiled by financial markets data firm Refinitiv.
Shares of Laurentian soared in July, from around $33 per share to a peak of over $43 per share after it announced it was conducting a review of options to maximize shareholder value.
The bank's share price has since retreated somewhat, and was down $1.13, or three per cent, to $36.99 as of midday Thursday.
This report by The Canadian Press was first published Aug. 31, 2023.
Companies in this story: (TSX:LB)
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