March 7, 2012 / 2:07 PM / in 6 years

Laurentian Bank 1st-qtr net profit falls

March 7 (Reuters) - Laurentian Bank of Canada reported a 16 percent drop in first-quarter net profit, but it forecast revenue growth of more than 5 percent for the year.

Laurentian, Canada’s seventh-largest bank by assets, earned C$31.0 million ($31 million), or C$1.16 per share, compared with C$36.9 million, or C$1.41 per share, a year ago.

Adjusted profit, which excluded transaction and integration costs, was C$1.24 per share in the quarter.

Net interest income rose to C$130.6 million from C$126.6 million a year ago on strong loan and deposit growth year-over-year.

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