Laurentian Bank reports $1.5M Q3 net income as it works to complete sale
Montreal-based Laurentian Bank of Canada announced a third-quarter net income of $1.5 million, as it continues to finalize its plan to split into two entities and sell off its operations. The Montreal company reported a loss of eight cents per diluted share for the quarter ended July 31, compared to a profit of $37.5 million or 73 cents per diluted share in the same period last year.
On an adjusted basis, Laurentian earned 51 cents per diluted share, down from 78 cents per diluted share in the previous year's quarter. The bank's CEO, Éric Provost, attributed the lower quarterly profit to the ongoing transformation of the institution. In June, Laurentian secured a deal to be purchased by Fairstone Bank and its retail and small-and-medium-sized banking portfolios will be acquired by National Bank for $1.9 billion.
The transaction, approved by the federal finance minister, is expected to be finalized later this year.
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