September 2, 2010 / 1:26 PM / 7 years ago

UPDATE 1-Laurentian Bank profit rises on higher margins

* Adj EPS C$1.13/shr vs est C$1.13/shr

* Revenue up 6.8 percent

* Loan losses rise to C$20 mln from C$16 mln

TORONTO, Sept 2 (Reuters) - Laurentian Bank of Canada LB.TO said on Thursday its third-quarter profit rose 4.9 percent, as higher interest margins and lending growth made up for a rise in losses on bad loans.

Laurentian, Canada’s No. 7 bank, earned C$30.1 million ($28.7 million), or C$1.13 a share, in the three months ended July 31.

That compared with a profit of C$28.7 million, or C$1.08 a share, in the year-before period.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of C$1.13 a share.

Revenue rose 6.8 percent to C$1.88.8 million.

Loan-losses rose to C$20 million from C$16 million, moving against the trend of other Canadian banks, which have shown better credit quality. Laurentian said this was due to “a single commercial exposure.” ($1=$1.05 Canadian) (Reporting by Cameron French, editing by Gerald E. McCormick)

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