Laurentian Bank of Canada has reported adjusted net income of CAD230.7m ($182.1m) for the year ended 31 October 2017, up 23% compared to CAD187m ($147.6m) a year ago.

On the same basis, the bank’s diluted earnings per share rose to CAD6.09 from CAD5.7 a year earlier.

The bank’s total annual revenues stood at CAD996.4m, an increase of 9% compared to CAD915.4m last year.

For the year ended 31 October of 2017, net interest income increased to $638m from CAD589.6m a year ago.

Commenting on the performance, Laurentian Bank of Canada president and CEO François Desjardins said: “2017 has been a successful year in which we have made significant progress on our performance and our transformation plan. Our move from traditional to digital banking is well underway with the implementation of the first wave of core banking, the simplification of our product offer and process improvements.

“Changing the mix of the business towards Business Services was accelerated with the acquisition of NCF. I am particularly proud of the efforts and support of the entire team, together we are making this plan happen.”

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