Laurentian Bank of Canada Reports Decline in Q3 2022 Earnings as PCL and Noninterest Expenses Rise
Laurentian Bank of Canada (LBC) reported Q3 2022 net income of $55.9 million, representing a 6% decrease quarter over quarter (QOQ), driven by increased provision for credit losses and noninterest expenses as revenue marginally increased from the previous quarter. Additionally, the semiannual interest payment on the limited-recourse capital notes contributed to the QOQ decline. Accordingly, the efficiency ratio deteriorated by approximately 200 basis points (bps) to 68.3%. On an adjusted basis, LBC experienced a 6% QOQ decrease in net income to $58.2 million and a deterioration of the efficiency ratio by approximately 190 bps to 67.1%.
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