September 16, 2009 / 7:03 PM / in 9 years

UPDATE 1-Laurentian Bank sees record loan, deposit growth

* On track to meet 2009 performance goals

* Capital strength gives flexibility to grow

TORONTO, Sept 16 (Reuters) - The head of Laurentian Bank of Canada (LB.TO) said on Wednesday the Quebec-based regional bank was on track to meet all of its 2009 performance goals and another year of record deposit and loan growth.

Noting the bank’s Tier 1 capital ratio of 10.8 percent, Chief Executive Rejean Robitaille said Laurentian was also well-positioned for acquisitions.

“Our strong capital position, quality of our assets and our prudent approach have served us well to date and should continue to provide flexibility. This will allow us to take advantage of opportunities to pursue profitable growth while continuing to invest in our development,” Robitaille told a conference hosted by Scotia Capital in Toronto.

He said total deposits had grown 19 percent over the last 12 months.

“We are on track once again to deliver another year of record loan and deposit growth,” he said. (Reporting by Andrea Hopkins and Pav Jordan)

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