Laurentian Bank earnings down on tax charge
Last Updated: Wednesday, September 6, 2006 | 4:16 PM ET
CBC News
An $11-million charge for income tax pulled earnings lower in the third quarter, Laurentian Bank said Wednesday.
The bank reported a profit of $6.2 million (13 cents a share), down from $15.8 million (54 cents a share) a year earlier. The bank said the tax charge stems from the adoption of the 2006 federal budget.
Excluding the unusual charge, Laurentian said its net income would have been $17.2 million (60 cents diluted per common share) up 11 per cent from the same quarter of 2005.
"I am encouraged with the improvement in operating results for the quarter," Raymond McManus, Laurentian's president and CEO, said in a statement.
The bank said its revenue for the quarter came in at $135.8 million, up from $131.1 million in the third quarter of 2005. The improvement came mainly through higher interest margins and loan volumes.
Laurentian said its provision for bad loans was $10 million, compared to $9.8 million a year earlier. The level of provisions has stayed relatively even over the past three years owing to the stable economy, the bank said.
Shares of the bank finished down 34 cents at $29.13 on the TSX.
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