September 3, 2009 / 1:59 PM / in 8 years

UPDATE 1-Laurentian Bank profit dips but beats estimates

* Q3 EPS C$1.08 vs C$1.17 yr-earlier, beats estimates

* Return on equity 11.6 pct, down from 13.4 pct

* Shares rise 2.2 percent

TORONTO, Sept 3 (Reuters) - Laurentian Bank of Canada (LB.TO) said on Thursday profit fell in its third quarter but revenue rose 3 percent and the earnings exceeded market expectations, sending shares higher.

The Montreal-based regional bank reported net income of C$28.7 million ($26.1 million), or C$1.08 a share, for the quarter, ended July 31. That’s down from C$30.9 million, or C$1.17 Canadian cents a share, a year earlier.

Analysts were expecting earnings of 88 Canadian cents a share, according to Reuters Estimates.

Shares of Laurentian Bank rose 2.2 percent to C$37.02 shortly after opening on the Toronto Stock Exchange.

Results for the third quarter of 2008 included certain items -- including a gain on sale of Montreal Exchange shares that was partly offset by an increase in the general allowance for loan losses -- that distort the comparison with this year’s quarter.

Excluding special items, net income improved by C$3.4 million, or 14 Canadian cents a share, compared with the third quarter of 2008, Laurentian said.

Total revenue rose 3 percent to C$176.7 million from a year earlier, mainly as a result of a C$9.4 million increase in net interest income to C$112.8 million as loan and deposit volumes climbed.

$1=$1.10 Canadian Reporting by Andrea Hopkins; editing by Peter Galloway

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