Laurentian Bank of Canada reported a net income of $32.3-million in the second quarter ending April 30, a significant improvement from a $117.5-million net loss last year. Total revenue was $242.5-million, down from $252.6-million, and adjusted net income was $34 million. Provisions for credit loss decreased to $16.7 million, and CEO Éric Provost expressed satisfaction with progress on their strategic plan.
Laurentian Bank reports $32-million in second-quarter profit
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TL;DR: Key points with love ❤️Laurentian Bank of Canada reported a net income of $32.3-million in the second quarter ending April 30, a significant improvement from a $117.5-million net loss last year. Total revenue was $242.5-million, down from $252.6-million, and adjusted net income was $34 million. Provisions for credit loss decreased to $16.7 million, and CEO Éric Provost expressed satisfaction with progress on their strategic plan.
- 1 Second quarter ending April 30 (current report)
- 2 Same quarter last year (comparison point)
- 3 A year into its strategic plan (Provost's statement)
- Improved financial performance for Laurentian Bank compared to the previous year
- Satisfaction expressed by the CEO regarding strategic plan progress
What: Laurentian Bank reported a net income of $32.3-million for its second quarter, a turnaround from a net loss in the same period last year.
When: Second quarter ending April 30.
Where: Montreal, Canada (Laurentian Bank is Montreal-based).
Why: The bank is marking a year into its strategic plan, and the results reflect progress, though more work is needed.
How: By achieving a net income of $32.3-million, compared to a loss last year, and reducing provisions for credit loss to $16.7 million.