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Laurentian Bank of Canada reports 2023 results

Ein Bankgespräch (Symbolbild). © kokouu / E+ / Getty Images http://www.gettyimages.de/

Canada NewsWire

MONTREAL, Dec. 7, 2023

The financial information reported herein is based on the condensed interim consolidated (unaudited) information for the three-month period ended October 31, 2023 and on the audited consolidated financial statements for the year ended October 31, 2023, and has been prepared in accordance with International Financial Reporting standards (IFRS), as issued by the International Accounting Standards Board (IASB). All amounts are denominated in Canadian dollars. The Laurentian Bank of Canada and its entities are collectively referred to as "Laurentian Bank" or the "Bank" and provide deposit, investment, loan, securities, trust and other products or services.

The Bank's 2023 Annual Report (which includes the Audited Consolidated Financial Statements and accompanying Management's Discussion & Analysis) will be available today on the Bank's website at www.lbcfg.ca and on SEDAR+ at www.sedarplus.ca.

MONTREAL, Dec. 7, 2023 /CNW/ - Laurentian Bank of Canada reported net income of $181.1 million and diluted earnings per share of $3.89 for the year ended October 31, 2023, compared with $226.6 million and $4.95 for the year ended October 31, 2022. Return on common shareholders' equity was 6.6% for the year ended October 31, 2023, compared with 8.9% for the year ended October 31, 2022. Adjusted net income was $208.3 million and adjusted diluted earnings per share were $4.52 for the year ended October 31, 2023, compared with $237.1 million and $5.19 for the year ended October 31, 2022. Of note, reported results for the year ended October 31, 2023 included restructuring and strategic-review related charges of $24.1 million ($17.7 million after income taxes), or $0.41 per share, as further detailed in the Non-GAAP Financial and Other Measures section. Adjusted return on common shareholders' equity was 7.7% for the year ended October 31, 2023, compared with 9.3% for the same period a year ago.

For the fourth quarter of 2023, reported net income was $30.6 million and diluted earnings per share were $0.67, compared with $55.7 million and $1.26 for the fourth quarter of 2022. Return on common shareholders' equity was 4.5% for the fourth quarter of 2023, compared with 8.7% for the fourth quarter of 2022. Of note, reported and adjusted results for the fourth quarter of 2023 included a negative pre-tax impact of $5.3 million ($3.9 million after income taxes), or $0.09 per share, from the mainframe outage that occurred in September 2023. Reported results for the fourth quarter of 2023 also included restructuring and strategic-review related charges of $15.9 million ($11.7 million after income taxes), or $0.27 per share, as further detailed in the Non-GAAP Financial and Other Measures section. Adjusted net income was $44.7 million and adjusted diluted earnings per share were $1.00 for the fourth quarter of 2023, compared with $57.8 million and $1.31 for the fourth quarter of 2022. Adjusted return on common shareholders' equity was 6.6% for the fourth quarter of 2023, compared with 9.0% for the same period a year ago.

"Laurentian Bank is an integral part of our society and our place in this ecosystem is unwavering as we continue to support Canadian families, businesses, and communities achieve their dreams," said Éric Provost, President & CEO. "That's why we are taking steps today to streamline the Bank and revamp our strategic plan to focus on serving our customers and ensuring that we remain a strong Quebec-based institution."

For the three months ended

For the year ended

ARIVA.DE Börsen-Geflüster

Kurse

L Brands

0,00%

In millions of dollars, except per share and percentage
amounts (Unaudited)

October 31,
2023

October 31,
2022

Variance

October 31,
2023

October 31,
2022

Variance

Reported basis

Net income

$ 30.6

$ 55.7

(45) %

$ 181.1

$ 226.6

(20) %

Diluted earnings per share

$ 0.67

$ 1.26

(47) %

$ 3.89

$ 4.95

(21) %

Return on common shareholders' equity⁽¹⁾

4.5 %

8.7 %

6.6 %

8.9 %

Efficiency ratio⁽²⁾

79.7 %

67.7 %

73.5 %

67.8 %

Common Equity Tier 1 (CET1) capital ratio⁽³⁾

9.9 %

9.1 %

9.9 %

9.1 %

Adjusted basis

Adjusted net income⁽⁴⁾

$ 44.7

$ 57.8

(23) %

$ 208.3

$ 237.1

(12) %

Adjusted diluted earnings per share⁽¹⁾

$ 1.00

$ 1.31

(24) %

$ 4.52

$ 5.19

(13) %

Adjusted return on common shareholders' equity⁽¹⁾

6.6 %

9.0 %

7.7 %

9.3 %

Adjusted efficiency ratio⁽¹⁾

72.0 %

66.6 %

69.9 %

66.5 %

(1)	This is a non-GAAP ratio. For more information, refer to the Non-GAAP Financial and Other Measures section below and beginning on page 18 of the 2023 Annual Report, including the Management's Discussion and Analysis (MD&A) for the year ended October 31, 2023, which pages are incorporated by reference herein. The MD&A is available on SEDAR+ at www.sedarplus.ca
(2)	This is a supplementary financial measure. For more information, refer to the Non-GAAP Financial below and beginning on page 18 of the 2023 Annual Report, including the MD&A for the year ended October 31, 2023, which pages are incorporated by reference herein.
(3)	In accordance with the Office of the Superintendent of Financial Institutions' (OSFI) "Capital Adequacy Requirements" guideline.
(4)	This is a non-GAAP financial measure. For more information, refer to the Non-GAAP Financial and Other Measures below and beginning on page 18 of the 2023 Annual Report, including the MD&A for the year ended October 31, 2023, which pages are incorporated by reference herein.

Driving Efficiencies Through Simplification

In line with our priorities of becoming a simpler and more customer-centric organization, we began in December 2023 to simplify our organizational structure. As a result, restructuring charges of an estimated $6.5 million (before income taxes) are expected to be incurred in the first quarter of 2024. We expect these actions will generate recurring cost savings of an approximate $8 million (before income taxes) on an annual basis.

Highlights

For the three months ended

For the year ended

In thousands of dollars, except per share and
percentage amounts (Unaudited)

October 31
2023

July 31
2023

Variance

October 31
2022

Variance

October 31
2023

October 31
2022

Variance

Operating results

Total revenue

$ 247,445

$ 260,830

(5) %

$ 257,142

(4) %

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