Laurentian Bank Posts $1.5 Million Net Income Amid Transformation

Laurentian Bank of Canada reported a net income of $1.5 million in its third quarter, as it works to complete its plan to split into two and be sold. The Montreal-based bank's result amounts to an adjusted loss of eight cents per diluted share for the quarter ended July 31.

On an adjusted basis, Laurentian says it earned 51 cents per diluted share in its latest quarter compared with an adjusted profit of 78 cents per diluted share in the same quarter last year. This reflects the bank's transformation efforts over the past several months.

Laurentian chief executive Éric Provost said the quarter reflected the work to advance the bank's transformation. The bank expects to close its deal, which was approved by the federal finance minister in June, later this year.