Laurentian Bank sees Q4 profit down from year ago, but beats expectations

The Banque Laurentienne or Laurentian Bank logo is pictured Tuesday, June 21, 2016 in Montreal. Paul Chiasson/The Canadian Press

Laurentian Bank Financial Group beat expectations even as it reported its fourth-quarter profit slipped to $36.8 million compared with $41.3 million a year earlier.

The Montreal-based bank says its profit amounted to 79 cents per diluted share for the quarter ended Oct. 31, down 90 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $243.5 million, up from $241.6 million a year earlier.

READ MORE: Laurentian Bank CEO François Desjardins to step down and retire

Provisions for credit losses amounted to $24.2 million for the quarter, up from $12.6 million for the fourth quarter of 2019.

On an adjusted basis, Laurentian says it earned 91 cents per diluted share in its latest quarter, down from $1.05 per diluted share a year ago.

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Analysts on average had expected an adjusted profit of 73 cents per share, according to financial data firm Refinitiv.