Canada’s sixth-biggest lender said net income rose by 6 per cent to $478 million from a year earlier, benefiting from the acquisition of Advanced Bank of Asia in May. Revenues rose 3% to $1.55 billion in the quarter.
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Previously on 7/26/2016, Scotia Capital reported on Laurentian Bank Of Canada (TSE:LB) lowered the target price from $55.00 to $54.00 that indicated a possible upside of 0.11%.
Additionally, the net income from the bank’s personal and commercial division grew by 5 percent to $203 million from $193 million a year ago. This was up from C$1.51 billion past year.
During the third quarter ended on July 31, its provision for credit losses dropped to $45 million, a massive decline compared to the previous end-of-quarter figure of $317 million. The company had a trading volume of 1,413,704 shares. Stockholders of record on Monday, September 26th will be issued a dividend of $0.55 per share. It has outperformed by 11.01% the S&P500.
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. The Personal & Commercial segment caters to the financial needs of business clients across Canada and retail clients in Quebec. The firm has a market capitalization of $15.78 billion and a P/E ratio of 13.75. For their part, B2B Bank is a Canadian leader in providing banking and investment products and services to financial advisors and brokers, while the expertise and effectiveness of Laurentian Bank Securities’ integrated brokerage services are known nationwide.
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