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31.08.2016 14:35
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PR Newswire
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Laurentian Bank reports third quarter 2016 results
Analysten bei der Arbeit (Symbolbild).
© gorodenkoff / iStock / Getty Images Plus / Getty Images
Canada NewsWire
MONTREAL, Aug. 31, 2016
| The financial information reported herein is based on the unaudited condensed interim consolidated financial statements for the period ended July 31, 2016, prepared in accordance with IAS 34 Interim financial reporting, as issued by the International Accounting Standards Board (IASB). All amounts are denominated in Canadian dollars. The complete Third Quarter 2016 Report to Shareholders is available on the Laurentian Bank's website at www.laurentianbank.ca and on SEDAR at www.sedar.com. |
Highlights of third quarter 2016
- Solid results for the quarter, showing good progression on several fronts of the strategic plan
- Adjusted net income of $46.1 million (reported $45.1 million) or $1.37 per share (reported $1.34), up 2% and down 7% year-over-year, respectively
- Charge for the strategic decision to terminate a technology agreement for an amount of $3.1 million ($2.3 million after income taxes) or $0.07 per share
- Adjusted return on common shareholders' equity of 11.4% for the third quarter of 2016,
or 12.0% excluding the aforementioned charge
- Good credit quality with credit losses of $8.2 million
- Strong organic loan growth:
- Loans to business customers up 16% year-over-year
- Residential mortgage loans through B2B Bank independent brokers and advisors up 36% year-over-year
- CET1 capital ratio at 7.9%
- Announcement of the proposed acquisition of CIT Canada and concurrent issuance of subscription receipts
| | FOR THE THREE MONTHS ENDED | | FOR THE NINE MONTHS ENDED | |||||||||||||||||
| In millions of Canadian dollars, except per share and percentage amounts (Unaudited) | JULY 31 2016 | JULY 31 2015 | VARIANCE | | JULY 31 2016 | JULY 31 2015 | VARIANCE | |||||||||||||
| | ||||||||||||||||||||
| Reported basis | | | | | | | | | | | | | | | | | | | | |
| | Net income | $ | 45.1 | | $ | 44.2 | | | 2 | % | | $ | 133.5 | | $ | 121.2 | | | 10 | % |
| | Diluted earnings per share | $ | 1.34 | | $ | 1.44 | | | (7) | % | | $ | 4.13 | | $ | 3.94 | | | 5 | % |
| | Return on common shareholders' equity | | 11.2 | % | | 12.1 | % | | | | | | 11.7 | % | | 11.3 | % | | | |
| | Efficiency ratio | | 70.1 | % | | 71.1 | % | | | | | | 70.3 | % | | 72.2 | % | | | |
| | Common Equity Tier I capital ratio – All-in basis | | 7.9 | % | | 7.7 | % | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjusted basis [1] | | | | | | | | | | | | | | | | | | | | |
| | Adjusted net income | $ | 46.1 | | $ | 45.3 | | | 2 | % | | $ | 136.5 | | $ | 128.1 | | | 7 | % |
| | Adjusted diluted earnings per share | $ | 1.37 | | $ | 1.48 | | | (7) | % | | $ | 4.23 | | $ | 4.17 | | | 1 | % |
| | Adjusted return on common shareholders' equity | | 11.4 | % | | 12.4 | % | | | | | | 12.0 | % | | 12.0 | % Werbung Mehr Nachrichten zur Laurentian Bank Aktie kostenlos abonnieren
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