Laurentian Bank profit falls on higher provisions, costs

Fri Aug 30, 2013 9:07am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Aug 30 (Reuters) - Laurentian Bank of Canada reported a 6 percent fall in third-quarter profit on Friday as its expenses rose and it set aside more money to cover bad loans.

The Montreal-based bank's net income fell to C$28.3 million, or 91 Canadian cents per share, in the quarter ended July 31, from C$30.0 million, or C$1.06 per share, a year earlier.

Provision for loan losses rose 20 percent to C$9 million. Non-interest expenses rose 17.4 percent in the quarter.