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Laurentian Bank of Canada net income increased 10%

Staff writer |
Laurentian Bank of Canada disclosed net income of $46.7 million on an adjusted basis or $1.46 diluted per share for the second quarter of 2016.

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This is up 10% and 6% respectively, compared with $42.3 million or $1.38 diluted per share for the same period in 2015. Adjusted return on common shareholders' equity was 12.8% for the second quarter of 2016, compared with 12.1% a year ago.

On a reported basis, net income totalled $45.7 million or $1.43 diluted per share for the second quarter of 2016, compared with net income of $41.2 million or $1.34 diluted per share for the same period last year.

On a reported basis, return on common shareholders' equity was 12.5% for the second quarter of 2016, compared with 11.8% for the second quarter of 2015.

Reported results for the second quarter of 2016 and for the second quarter of 2015 included adjusting items, as detailed in the Adjusted Financial Measures section.

François Desjardins, president and chief executive officer, commented on the Bank's results and financial condition: "We delivered strong earnings this quarter, as we took advantage of better capital market conditions and continued to benefit from the sustained credit quality of our loan portfolio.

"Furthermore, we exercised tight control over expenses to improve efficiency in this challenging interest rate environment. Our focus on our growth targets generated tangible returns, with our loans to business customers increasing by 12% and residential mortgage loans through B2B Bank independent brokers and advisors increasing by 46% over the last twelve months.

"Looking ahead, we are actively working on rebuilding our account management platform, an important element of our strategic plan. Given our solid financial performance and the support that our Board of Directors has in our transformation plan, I am pleased to announce that the Board has approved an increase in our quarterly common share dividend of $0.02 to $0.60 per share."


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