MONTREAL - Laurentian Bank missed expectations as restructuring costs caused its net profit to plummet 41 per cent to $27.2 million in the fourth quarter of its fiscal year despite an increase in revenues.
Adjusting for one-time items, the Quebec-based bank said its net income dipped three per cent to $35.2 million, or $1.14 per share. That compared to $36.2 million or $1.17 per share a year earlier.
Revenues for the period ended Oct. 31 were $215.5 million, up two per cent from $210.4 million a year ago.
The bank was expected to report $1.31 per share in adjusted earnings in the quarter on $220.5 million of revenues, according to analysts polled by Thomson Reuters.
For the full year, Laurentian Bank's (TSX:LB) net profit decreased to $124.7 million from $140.5 million a year earlier. On an adjusted basis, its profits reached a record $156 million, up 11 per cent from the prior year. The bank earned $5.09 per share, up from $4.98 per share in 2012.
Revenues increased nine per cent to $865.3 million.
The full-year results fell short of the $5.26 per share adjusted profits on $868.2 million of revenues forecast by analysts.
Founded in 1846, Laurentian is Canada's seventh-largest bank with $37 billion in assets under administration.
Note to readers: CORRECTS net profit figure to $27.2M in para 1