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.
Reporting by Lynne Olver; Editing by Scott Anderson