Laurentian Posts Strong Adjusted Q3 2020 Earnings Partially Driven by Lower PCL
Laurentian Bank of Canada (LBC or the Bank) reported Q3 2020 net income of $36.2 million, a fourfold increase quarter over quarter reflecting a strong contribution from the capital markets business and lower provisions for credit losses (PCL) that were somewhat tempered by a $11.0 million restructuring charge as the Bank continues to rationalize its branch network. On an adjusted basis, LBC reported net income of $47.1 million. DBRS Limited (DBRS Morningstar) remains cognizant that the economic interruptions stemming from the Coronavirus Disease (COVID-19) pandemic may negatively affect LBC's near-term performance.
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