(MENAFN- ProactiveInvestors) () Canada’s seventh-largest bank reported a 10% increase in profit for its fiscal third quarter amid low-interest rate environment challenges. Shares wavered.
Net income rose to C$44.2mln or C$1.44 diluted per share for the three months ended July 31 from $40.1mln or $1.27 diluted per share for the same period last year the Montreal Quebec-based company said in a statement on Wednesday.
Adjusted earnings were $1.48 diluted per share. No analyst estimate was available for comparison.
Third-quarter revenue increased to C$226.6mln from $219.6mln year-over-year.
Net interest income rose to C$147.2mln from C$141.2mln.
“We have no loan exposure to the oil and gas industry and the credit quality of our portfolios remained excellent which contributed to our low loan losses and solid financial performance” chief executive officer Réjean Robitaille said in the statement.
Moving forward Laurentian said the persistently low-interest rate environment poses challenges to interest margins for the bank. However the stable unemployment and expected stronger economic growth in Central Canada should positively contribute to the Bank's growth despite the concern over the resource-rich areas of the Canadian economy.
The bank said it aims to record full-year adjusted earnings growth of 5% to 8%.
Shares were down 0.3% at C$48.16 at 1:28 p.m. in Toronto.
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