Laurentian Bank Financial Group reports Q2 profit down, cuts quarterly dividend

Laurentian Bank Financial Group reports Q2 profit down, cuts quarterly dividend

MONTREAL — Laurentian Bank Financial Group reported its second-quarter profit fell nearly 80 per cent from a year ago and it cut its dividend in a move to give it more flexibility during the COVID-19 pandemic.

The bank says it will now pay a quarterly dividend of 40 cents per share, down from 67 cents per share.

Laurentian chief executive Francois Desjardins says the bank has a strong capital and liquidity position and disciplined risk management, but it is a time for prudence.

The dividend cut came as Laurentian reported a profit of $8.9 million or 13 cents per share for the quarter ended April 30, down from $43.3 million or 95 cents per share in the same quarter a year ago.

On an adjusted basis, Laurentian says it earned 20 cents per share for the quarter, down from an adjusted profit of $1.08 per share in the same quarter last year.

Analysts on average had expected a profit of 38 cents per share for the quarter, according to financial markets data firm Refinitiv.

Laurentian’s provisions for credit losses amounted to $54.9 million for the quarter compared with $9.2 million for the second quarter of 2019.

This report by The Canadian Press was first published May 29, 2020.

Companies in this story: (TSX:LB)

The Canadian Press

Banking

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Red Deer up to 4 active COVID-19 cases

Province announced 77 new confirmed cases across Alberta Friday

Cilantro and Chive ‘Dad Bod’ Burger supports childrens mental health in Lacombe

$3,068 was donated to Lacombe Community Addiction and Mental Health Office– Children’s Services

Lacombe Raiders football begins delayed Spring Camp

Football players required to follow guidelines laid out by AHS

46 new COVID-19 cases reported Wednesday in Alberta

Province has completed more than 500,000 COVID-19 tests

PODCAST: COVID-19 and the US Election

The Expert welcomes Burman University Political Scientist Marc Froese

PODCAST: The Expert tackles the return of sports

Cam Moon, Joe Whitbread, Byron Hackett and Todd Vaughan discuss how sports can come back

How Conservative leadership hopefuls would address the WE scandal if they win

The ethics commissioner has been called in to see if Trudeau broke conflict-of-interest law

With debt, deficit numbers out, experts say Liberals need plan for growth

Borrowing will push the federal debt past $1 trillion by the end of the fiscal year

Pedestrian-only downtown a hit with residents as St. John’s adapts to pandemic

‘The city really got this right this time. We’re very happy’

Bosnian-Canadians mark 25th anniversary of Srebrenica massacre

‘It’s sad for a child to think that it’s normal, actually, to … have family members killed’

PODCAST: COVID-19 and the US Election

The Expert welcomes Burman University Political Scientist Marc Froese

Sylvan Lake RCMP continue search for missing man

43-year-old Steven Hull’s last known whereabouts were in the Sylvan Lake area on May 28

Most Read