Rejean Robitaille, president and CEO of Laurentian BankIAN BARRETT
Laurentian Bank says its profit increased by 5 per cent to $30.1-million in the third quarter while revenue moved higher.
The Montreal-based bank earned $1.13 per diluted share for the period ended July 31, compared to $1.08 a year earlier when net income was $28.7-million.
Loan losses grew by 25 per cent to $20-million, from $16-million last quarter and in the third quarter of 2009.
Total revenue grew seven per cent to $188.8-million.
The bank said its return on common shareholders' equity was 11 per cent, down from 11.6 per cent a year earlier.
Laurentian president and CEO Rejean Robitaille said the bank continued to see improvements in its earnings and revenues because of higher net interest margins and a growth in loan and deposit volumes.