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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below