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Laurentian Bank profit falls on restructuring costs, computer outage
The Montreal-based bank said it earned $30.6 million or 67 cents per diluted share for the quarter ended Oct. 31, down from a profit of $55.7 million or $1.26 per diluted share a year earlier.
The bank said the results included a $5.3-million charge related to the mainframe outage and $15.9 million in restructuring and strategic-review related charges.
Revenue for the quarter totalled $247.4 million, down from $257.1 million a year ago, while provisions for credit losses totalled $16.7 million for the quarter compared with $17.8 million in the fourth quarter of 2022.
On an adjusted basis, Laurentian earned $1 per diluted share in its latest quarter, down from an adjusted profit of $1.31 per diluted share in the same quarter last year.
Laurentian named Eric Provost as its new chief executive in October, replacing Rania Llewellyn in the top job, after the mainframe outage which happened during a planned IT maintenance update. Director Michael Boychuk was also appointed chair of its board of directors, replacing Michael Mueller, who resigned from the board.
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The Canadian Press
Stock markets before the opening bell
Stock and bond markets fluctuated, while the yen surged the most in three months amid renewed speculation that the Bank of Japan will soon scrap the world’s last negative interest-rate regime.
S&P 500 futures were little changed and 10-year Treasury yields added five basis points. The yen strengthened 1.6 per cent against the dollar and Japanese bonds sold off sharply, with the rate on the 10-year note jumping 12 basis points.
In other markets, gold climbed and the dollar weakened. Bitcoin slipped below US$44,000.
The S&P/TSX composite index closed down 101.72 points at 20,274.21 on Wednesday.
Bloomberg
What to watch today
Bank of Canada deputy governor Toni Gravelle will speak before the Windsor-Essex Region Chamber of Commerce this afternoon about the bank’s economic progress report.
Manitoba Premier Wab Kinew will deliver a “state of the province address” to the Winnipeg Chamber of Commerce.
Canadian building permits data for October will be released this morning. In the United States, expect November’s Challenger layoff report, initial jobless claims for the week of Dec. 2 and wholesale trade data for October.
Companies reporting earnings include Laurentian Bank of Canada, EQB Inc. and Lululemon Athletica Inc.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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