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Laurentian Bank profit drops 16%

File photo of Laurentienne Bank's main branch in downtown Montreal.

John Morstad/John Morstad/The Globe and Mail

Laurentian Bank of Canada says first-quarter profit dropped 16 per cent as it booked acquisition costs related to its purchase of MRS Companies.

The Quebec-based bank's earnings fell short of analyst expectations, with a profit of $31-million, or $1.16 per share, reported for the quarter.

Analysts, on average, were expecting $1.26 per share, according to a survey by Thomson Reuters.

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The earnings results are down from $36.9-million, or $1.41 per share, a year ago.

Revenue was up 4 per cent to $193.7-million from $186.9-million.

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