Laurentian Bank Profit Falls on Acquisition CostsDoug Alexander
Laurentian Bank of Canada, the country’s seventh-biggest lender, missed analysts’ estimates after posting a 5.7 percent decline in third-quarter net income on costs tied to acquisitions.
Profit for the period ended July 31 was C$28.3 million ($26.9 million), or 91 cents a share, down from C$30 million, or C$1.06 a year earlier, the Montreal-based company said today in a statement.
Laurentian said it earned C$1.31 a share excluding some items, missing the C$1.33 share average estimate of 10 analysts surveyed by Bloomberg. Laurentian, the last of Canada’s largest banks to report, was the only one among the group to miss estimates.
Laurentian said it recorded about C$14.6 million of “transaction and integration related costs” tied to its November 2011 acquisition of two units from Mackenzie Financial Corp. and last year’s purchase of a trust unit of AGF Management Ltd.