Laurentian Posts Stable Q4 2020 Earnings and Announces Organizational Changes
Laurentian Bank of Canada (LBC or the Bank) reported Q4 2020 net income of $36.8 million, a 2% increase quarter over quarter, as a decline in restructuring charges and income tax expense more than offset lower contribution from the capital markets business, reduced inventory financing levels, and higher provision for credit losses (PCL). For F2020, the Bank reported earnings of $114 million, a year-over-year decline of 34%, mostly due to higher PCL relating to the impact of the Coronavirus Disease. Given uncertainty about the sustainability of the economic recovery from the coronavirus-induced downturn, DBRS Limited (DBRS Morningstar) maintains that the economic fallout from the pandemic could still pressure Canadian banks in the near term.
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