CEO says momentum carries over from Q1's performance
Laurentian Bank has reported a net income of $53.1 million for the second quarter of 2021, a significant increase from $44.8 million in the previous quarter and $8.9 million for the same period last year.
The Montreal-based bank also reported total revenue of $249.8 million in Q2 compared with the $240.1 million a year prior.
“The momentum we built in the first quarter of 2021 continued into the second quarter with strong performance in capital markets, lower provision for credit losses, and our continued focus on cost discipline,” said Rania Llewellyn, president and chief executive officer of Laurentian Bank.
Additionally, Laurentian Bank reported that commercial loans and acceptances amounted to $13.2 billion as of April 30, 2021, an increase of 4% since October 31, 2020.
The bank said that real estate lending accounted for most of the increase and “continued to show resilience during the COVID-19 pandemic amid the lower interest rate environment.”
Meanwhile, residential mortgage loans amounted to $15.9 billion as of April 30 – a decrease of $0.5 billion, or 3%, since October 31, 2020.
“The acquisition of mortgage loans from third parties, as part of the bank’s program to optimize the usage of the National Housing Act mortgage-backed securities allocations, has contributed to mitigating the impact of repayments,” the bank explained.
