* Q1 EPS C$1.27 vs est C$1.22
* Q1 provision down by a million
* Sees 2011 EPS C$4.80-C$5.40 (Rewrites paragraph 1, adds details from release, share movement)
March 9 (Reuters) - Laurentian Bank of Canada reported a quarterly profit above analysts’ expectations, as bad loans fell aided by improving credit quality, and the lender forecast a strong 2011.
Good loans and deposit growth pushed net income and revenue up 5 percent over last year.
“We have seen growth in business activity in all business lines over the last year. Ongoing targeted investments in resources and systems are bearing fruit,” Chief Executive Rejean Robitaille said in a statement.
Net income for the first quarter was C$33.5 million ($34.5 million), or C$1.27 per share, compared with C$32.0 million, or C$1.21 per share, a year ago.
Analysts had expected earnings of C$1.22 a share, according to Thomson Reuters I/B/E/S.
Provision for bad loans fell to C$15 million from C$16 million in the year-ago quarter.
Total loans and bankers’ acceptances increased by $1.2 billion over the last 12 months.
For 2011, the company sees earnings of C$4.80-C$5.40 a share. Analysts were looking for earnings of C$5.03 a share, according to Thomson Reuters I/B/E/S.
The company also said it will pay a dividend of 39 Canadian cents on May 1 to shareholders on record on April 1.
Shares of the company were trading down 2 percent at C$53.42 on the Toronto Stock Exchange. ($1 = 0.971 Canadian Dollars) (Reporting by Sweta Singh in Bangalore; Editing by Sriraj Kalluvila)