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