February 27, 2008 / 2:48 PM / 10 years ago

Laurentian Bank profit dips on tax change

TORONTO (Reuters) - Laurentian Bank of Canada (LB.TO) posted a 7 percent drop in first-quarter profit on Wednesday, citing an unfavorable tax adjustment.

    Canada’s eighth biggest bank by market value reported net income of C$19.1 million ($19.5 million), or 68 Canadian cents a share, for the three months ended January 31. That compared with C$20.6 million, or 74 Canadian cents a share, in the same period a year ago.

    Excluding the tax adjustment of C$5.6 million, the bank said it would have posted net income of C$24.7 million, or 91 Canadian cents a share.

    ($1=0.98 Canadian)

    Reporting by Lynne Olver; Editing by Scott Anderson

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