Laurentian Bank of Canada's Q1 2022 Net Income Increased Amid Lower PCL and an Uptick in Revenue
Laurentian Bank of Canada reported a Q1 2022 net income of $55.5 million, compared with a net loss of $102.9 million for the last quarter of 2021. Of note, the reported results for Q4 2021 included impairment and restructuring charges of $189.4 million. On an adjusted basis, net income increased 24% quarter over quarter to $59.5 million, largely driven by lower provision for credit losses, as well as some increase in operating revenues. The adjusted efficiency ratio deteriorated marginally to 67% in Q1 2022 from 65.5% in the prior quarter due to an increase in noninterest expenses, which was only partially offset by higher revenue.
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