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Laurentian Bank of Canada reports third quarter 2024 results
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MONTREAL, Aug. 30, 2024
| The financial information reported herein is based on the condensed interim consolidated (unaudited) information for the three-month period ended July 31, 2024 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. |
MONTREAL, Aug. 30, 2024 /CNW/ - Laurentian Bank of Canada reported net income of $34.1 million and diluted earnings per share of $0.67 for the third quarter of 2024, compared with net income of $49.3 million and diluted earnings per share of $1.03 for the third quarter of 2023. Return on common shareholders' equity was 4.7% for the third quarter of 2024, compared with 6.9% for the third quarter of 2023. Adjusted net income(1) was $43.1 million and adjusted diluted earnings per share(2) were $0.88 for the third quarter of 2024, compared with $57.6 million and $1.22 for the third quarter of 2023. Adjusted return on common shareholders' equity(2) was 6.2% for the third quarter of 2024, compared with 8.2% a year ago.
For the nine months ended July 31, 2024, net loss was $46.2 million and diluted loss per share was $1.29, compared with net income of $150.5 million and diluted earnings per share of $3.22 for the nine months ended July 31, 2023. Return on common shareholders' equity was a negative 3.0% for the nine months ended July 31, 2024, compared with 7.4% for the nine months ended July 31, 2023. Of note, reported results for the nine months ended July 31, 2024 included impairment and restructuring charges of $212.0 million ($166.8 million after income taxes), or $3.81 per share, related to the restructuring of the Bank's operations and to the impairment of the Personal & Commercial (P&C) Banking segment recorded in the second quarter of 2024. Refer to the Non-GAAP Financial and Other Measures section for further details. Adjusted net income(1) was $127.7 million and adjusted diluted earnings per share(2) were $2.68 for the nine months ended July 31, 2024, compared with $163.6 million and $3.53 for the nine months ended July 31, 2023. Adjusted return on common shareholders' equity(2) was 6.1% for the nine months ended July 31, 2024, compared with 8.1% a year ago.
"Since the introduction of our strategic plan, we are progressing on our priorities, including a review of customer experience roles and the simplification of our organisation. Our focus remains on leveraging our specializations and investing in technology to strengthen our foundation," said Éric Provost, President & CEO. "Despite macroeconomic challenges, our strong capital position and strategic investments are setting the stage for future growth. We are committed to executing our plan and creating an efficient organization that fosters long-term value and benefits for our customers and all stakeholders."
| | For the three months ended | | For the nine months ended | ||||||||||
| In millions of dollars, except per share and percentage Anzeige Aktie im Fokus
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| July 31, | | July 31, | | Variance | | July 31, | | July 31, | | Variance | ||
| | | | | | | | | | | | | ||
| Reported basis | | | | | | | | | | | | ||
| Net income (loss) | $ 34.1 | | $ 49.3 | | (31) % | | $ (46.2) | | $ 150.5 | | (131) % | ||
| Diluted earnings (loss) per share | $ 0.67 | | $ 1.03 | | (35) % | | $ (1.29) | | $ 3.22 | | (140) % | ||
| Return on common shareholders' equity(2)(3) | 4.7 % | | 6.9 % | | | | (3.0) % | | 7.4 % | | | ||
| Efficiency ratio(4) | 78.1 % | | 72.9 % | | | | 102.2 % | | 71.5 % | | | ||
| Common Equity Tier 1 (CET1) capital ratio(5) | 10.9 % | | 9.8 % | | | | 10.9 % | | 9.8 % | | | ||
| | | | | | | | | | | | | ||
| Adjusted basis | | | | | | | | | | | | ||
| Adjusted net income(1) | $ 43.1 | | $ 57.6 | | (25) % | | $ 127.7 | | $ 163.6 | | (22) % | ||
| Adjusted diluted earnings per share(2) | $ 0.88 | | $ 1.22 | | (28) % | | $ 2.68 | | $ 3.53 | | (24) % | ||
| Adjusted return on common shareholders' equity(2)(3) | 6.2 % | | 8.2 % | | | | 6.1 % | | 8.1 % | | | ||
| Adjusted efficiency ratio(2) | 73.3 % | | 68.5 % | | | | 73.4 % | | 69.2 % | | | ||
| (1) | This is a non-GAAP financial measure. For more information, refer to the Non-GAAP Financial and Other Measures below and beginning on page 5 of the Third Quarter 2024 Report to Shareholders, including the MD&A for the period ended July 31, 2024, which pages are incorporated by reference herein. |
| (2) | This is a non-GAAP ratio. For more information, refer to the Non-GAAP Financial and Other Measures section below and beginning on page 5 of the Third Quarter 2024 Report to Shareholders, including the Management's Discussion and Analysis (MD&A) for the period ended July 31, 2024, which pages are incorporated by reference herein. The MD&A is available on SEDAR+ at www.sedarplus.ca. |
| (3) | Effective November 1, 2023, the Bank retrospectively adopted IFRS 17, Insurance contracts, which required restatement of the Bank's 2023 comparative information and financial measures. Refer to Note 2 in the Condensed Interim Consolidated Financial Statements for further information. |
| (4) | This is a supplementary financial measure. For more information, refer to the Non-GAAP Financial below and beginning on page 5 of the Third Quarter 2024 Report to Shareholders, including the MD&A for the period ended July 31, 2024, which pages are incorporated by reference herein. |
| (5) | In accordance with the Office of the Superintendent of Financial Institutions' (OSFI) "Capital Adequacy Requirements" guideline. |
Non-GAAP Financial and Other Measures
In addition to financial measures based on generally accepted accounting principles (GAAP), management uses non-GAAP financial measures to assess the Bank's underlying ongoing business performance. Non-GAAP financial measures presented throughout this document are referred to as "adjusted" measures and exclude amounts designated as adjusting items. Adjusting items include the amortization of acquisition-related intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. Non-GAAP financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Bank and might not be comparable to similar financial measures disclosed by other issuers. The Bank believes non-GAAP financial measures are useful to readers in obtaining a better understanding of how management assesses the Bank's performance and in analyzing trends.
The following tables show a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure that is disclosed in the primary financial statements of the Bank.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES — CONSOLIDATED STATEMENT OF INCOME
| | For the three months ended | | For the nine months ended | ||||||
| In thousands of dollars (Unaudited) | July 31 | | April 30 | | July 31 | | July 31 | | July 31 |
| | | | | | | | | | |
| Non-interest expenses | $ 200,239 | | $ 386,341 | | $ 190,062 | | $ 784,414 | | $ 556,209 |
| | | | | | | | | | |
| Less: Adjusting items, before income taxes | | | | | | | | | |
| P&C Banking segment impairment charges(1) Werbung Mehr Nachrichten zur Landbridge Company LLC A Aktie kostenlos abonnieren
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