(Montreal) The Laurentian Bank of Canada reports that in the fourth quarter of this year’s fiscal year, it achieved net income of 30.6 million, or $0.67 per diluted share, compared to net income of 55 .7 million, or $1.26 per diluted share in the corresponding quarter of fiscal 2022.
The management of the Montreal-based institution notes that the fourth quarter results include a negative pre-tax impact of 5.3 million linked to the central system outage that occurred in September. The results also include restructuring charges and strategic review charges of 15.9 million.
Adjusted net income was 44.7 million, or $1.00 per adjusted diluted share, compared to 57.8 million, or $1.31 per adjusted diluted share for the fourth quarter of fiscal 2022.
For the entire 2023 fiscal year, Laurentian Bank reports net income of 181.1 million, or $3.89 per diluted share, compared to net income of 226.6 million, or $4.95 per share diluted for the financial year which ended one year earlier, on October 31, 2022.
The President and CEO of the Laurentian Bank, Éric Provost, affirms that the institution is working to rationalize the Bank’s activities and to thoroughly review its strategic plan in order to concentrate on remaining a solid Quebec institution.
Éric Provost took the helm of the bank at the beginning of October shortly after being named group head of personal and business banking services. He succeeded Rania Llewellyn.
Michael Boychuk was named chairman of the board of directors. He replaced Michael Mueller.
Alongside the publication of the fourth quarter results, the board of directors of Laurentian Bank declared a regular quarterly dividend of $0.47 per share on common shares payable on February 1.
Company cited in this dispatch: Laurentian Bank of Canada (TSX: LB)