Laurentian’s total revenue was CA$154.8m in the second quarter of 2009, compared to CA$155.5 million in the second quarter of 2008, as a decline in net interest income was mostly offset by other income growth. The decline in profit is mainly due to lower net interest income and challenging environment.
However, according to the bank, the loan reprising measures introduced earlier this year and recent improvements in retail deposit pricing have already contributed to improve margins.
Réjean Robitaille, President and CEO of Laurentian, said: The difficult economic conditions and unprecedented low interest rate environment have hampered profitability during the last quarter. However, measures aimed at restoring revenue growth have started to generate results. Also, even though the current market environment has been challenging, credit quality, while it deteriorated since last year-end, has held up nicely during the quarter.”
