Laurentian sees ‘strong results’ in Q3, says CEO

Laurentian Bank of Canada has reported net income of $54.8 million or $1.48 diluted per share for the third quarter of 2017, compared with net income of $45.1 million or $1.34 diluted per share for the same period last year.

In the Q3 report to shareholders, CEO François Desjardins, provided this comment on the bank’s results and financial condition: “We delivered strong results in the third quarter, with an adjusted ROE of 13%. Growth in business services, both organic and through acquisitions, has provided for revenue growth.”

He highlights the bank’s acquisition of inventory finance lender Northpoint Commercial Finance, a deal that was announced in May and closed in August.

Also, Desjardins says Laurentian is committed to “implementation of our core banking system for B2B bank and business services operations at the end of the year.”

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RBC’s wealth management profit up 25% over past year

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.