Laurentian Bank Financial Group beat expectations as it reported a first-quarter profit rose compared with a year ago even as its provision for credit losses edged higher.
The Montreal-based bank says it earned $44.8 million or 96 cents per diluted share for the quarter ended Jan. 31, up from a profit of $32.2 million or 68 cents per diluted share a year ago.
Revenue totalled $247.4 million, up from $238.7 million in the year earlier quarter.
The provision for credit losses totalled $16.8 million for the quarter up from $14.9 million a year earlier, due to a rise in allowances on impaired commercial loans.
READ MORE: Laurentian Bank CEO François Desjardins to step down and retire
On an adjusted basis, Laurentian says it earned $1.03 per diluted share for its most recent quarter, up from an adjusted profit of 79 cents per diluted share a year earlier.
The average analyst estimate had been for an adjusted profit of 74 cents per share, according to financial data firm Refinitiv.
“Our results were driven by a strong performance in capital market activities, the resumption of growth in commercial banking and our strong cost discipline,” Laurentian chief executive Rania Llewellyn said in a statement.
“We will take the experiences of the past year to propel us forward, as we renew our leadership team and create an organization that is agile, efficient and above all customer centric.”
Comments