Laurentian Bank reports $20.6-million loss as it continues work to be split in two
Laurentian Bank of Canada reported a loss of $20.6 million for the latest quarter as it continues its restructuring efforts. This loss contrasts with a profit of $32.3 million from the same period last year. The bank is in the process of being split in two, with plans for Fairstone Bank to acquire it for $1.9 billion.
- ▪Laurentian Bank reported a loss of $20.6 million for the quarter ended April 30.
- ▪The loss equated to 50 cents per diluted share, compared to a profit of 69 cents per share a year earlier.
- ▪Revenue decreased to $213.7 million from $242.5 million a year ago.
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Open this photo in gallery:Laurentian Bank's head office in Montreal.Christinne Muschi/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountLaurentian Bank of Canada LB-T reported a loss of $20.6-million in its latest quarter as it worked to complete its deal to be split in two and sold in a pivot to become a specialty commercial bank.The bank says the loss amounted to 50 cents per diluted share for the quarter ended April 30 compared with a profit of $32.3-million or 69 cents per share a year earlier.On an adjusted basis, Laurentian says it earned 46 cents per share in its latest quarter compared with an adjusted profit of 73 cents per share in the same quarter last year.Revenue totalled $213.7-million, down from $242.5-million a year ago,…
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