Laurentian Bank Reports $1.5M Net Income as It Works to Complete Sale

Laurentian Bank of Canada reported a third-quarter net income of $1.5 million as it works to complete its plan to be split in two and sold.

The Montreal-based bank says the result amounts to a loss of eight cents per diluted share for the quarter ended July 31, compared with a profit of $37.5 million or 73 cents per diluted share a year earlier.

On an adjusted basis, Laurentian 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.