Laurentian Bank unveiled Thursday morning a quarterly performance above expectations and did not offer an update surrounding the review of its strategic alternatives.
The bank’s management simply says it plans to make “no further announcements until the review is complete.”
Besides a restructuring charge related to the review of its strategic options, the management of the financial institution does not mention anything else about the review of the strategic options that it is conducting in order to maximize value for its shareholders.
Bank officials revealed on July 11 that such a process was underway.
A restructuring charge of 8.2 million is recorded in the financial results for the months of May, June and July. This item includes an amount of 5.5 million resulting from the rationalization of capital markets activities and costs of 2.7 million attributable to the review of strategic options in the form mainly of professional fees.
While the bank’s profits fell 12% to $49.3 million during the quarter, they amounted to $1.22 per share excluding certain items and thus proved to be better than expected.
Analysts had expected adjusted earnings per share of $1.16.
Revenue for the quarter was relatively flat at 260 million, relatively in line with analyst consensus of around 263 million.
Provisions for credit losses reached 13.3 million for the quarter, down from 16.6 million a year earlier.
