Laurentian Bank Second-Quarter Profit Rises to $26.6 Million on Loans

Laurentian Bank of Canada, the country’s seventh-largest bank, said profit climbed for the third straight quarter on higher fees from mortgages and other lending.

Net income for the period ended April 30 rose 34 percent to C$28.3 million ($26.6 million), or C$1.06 a share, from C$21.2 million, or 76 cents, a year earlier, the Montreal-based lender said today in a statement.

Laurentian Bank, which operates primarily in Quebec, said consumer-banking profit climbed 3.3 percent to C$10.1 million on higher loan and deposit volumes.

Laurentian Bank was expected to earn C$1.07 a share, according to the average estimate of four analysts surveyed by Bloomberg News.

(Laurentian Bank will hold a conference call at 3:30 p.m. Montreal time to discuss results. To listen, dial +1-888-789- 9572, access code 2762328.)

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

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