Breaking News
Get 40% Off 0

Laurentian Bank earnings fall amid restructuring costs

Published Dec 07, 2023 12:13PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
LB
-0.89%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

QUEBEC - Laurentian Bank of Canada has reported a significant drop in its fourth-quarter profits, primarily due to restructuring charges and a costly computer outage. The Quebec-based bank's net income fell to C$30.6 million, or C$0.67 per diluted share, compared with C$55.7 million, or C$1.26 per share, in the same period last year.

The financial results reflect the impact of a C$5.3 million charge from a mainframe outage in September and additional expenses totaling C$15.9 million related to restructuring and strategic reviews.

The bank's quarterly revenue also declined to C$247.4 million from last year’s C$257.1 million. Despite the lower revenue, provisions for credit losses were slightly reduced to C$16.7 million compared to the previous year's fourth quarter figure of C$17.8 million.

Laurentian Bank has seen changes at the top with Eric Provost stepping into the role of CEO succeeding Rania Llewellyn, while Michael Boychuk has been appointed as board chair following Michael Mueller’s resignation in the aftermath of an IT outage.

The bank's adjusted earnings per diluted share were down at C$1 from the adjusted profit of C$1.31 per share reported in the last year's comparable quarter.

Laurentian Bank's recent performance comes amidst broader market fluctuations, with notable movements including a strengthening yen as Japan is anticipated to end its negative interest-rate policy soon.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Laurentian Bank earnings fall amid restructuring costs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email