The financial
information reported herein is based on the condensed interim
consolidated (unaudited) information for the three-month period
ended July 31, 2023 and has been prepared in accordance with
International Financial Reporting standards (IFRS), as issued by
the International Accounting Standards Board (IASB). All amounts
are denominated in Canadian dollars. The Laurentian Bank of Canada
and its entities are collectively referred to as "Laurentian Bank"
or the "Bank" and provide deposit, investment, loan, securities,
trust and other products or services.
|
MONTREAL, Aug. 31,
2023 /CNW/ - Laurentian Bank of Canada reported net income of $49.3 million and diluted earnings per share of
$1.03 for the third quarter of 2023,
compared with $55.9 million and
$1.18 for the third quarter of 2022.
Return on common shareholders' equity was 6.9% for the third
quarter of 2023, compared with 8.4% for the third quarter of 2022.
Adjusted net income(1) was $57.6
million and adjusted diluted earnings per share were
$1.22 for the third quarter of 2023,
compared with $58.2 million and
$1.24 for the third quarter of 2022.
Adjusted return on common shareholders' equity was 8.2% for the
third quarter of 2023, compared with 8.7% for the same period a
year ago.
For the nine months ended July 31,
2023, reported net income was $150.5
million and diluted earnings per share were $3.22, compared with $170.9 million and $3.69 for the nine months ended July 31, 2022. Return on common shareholders'
equity was 7.4% for the nine months ended July 31, 2023, compared with 8.9% for the nine
months ended July 31, 2022. Adjusted
net income was $163.6 million and
adjusted diluted earnings per share were $3.53 for the nine months ended July 31, 2023, compared with $179.2 million and $3.88 for the nine months ended July 31, 2022. Adjusted return on common
shareholders' equity was 8.0% for the nine months ended
July 31, 2023, compared with 9.4% for
the same period a year ago.
"We announced solid results this quarter, and I am extremely
pleased with the progress we continue to make on our fiscal year
2023 priorities, in particular, our continued focus on enhancing
the customer experience," said Rania
Llewellyn, President & CEO.
|
For the three months
ended
|
|
For the nine months
ended
|
In millions of dollars,
except per share and percentage
amounts (Unaudited)
|
July 31,
2023
|
|
July 31,
2022
|
|
Variance
|
|
July 31,
2023
|
|
July 31,
2022
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
basis
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
49.3
|
|
$
55.9
|
|
(12) %
|
|
$
150.5
|
|
$ 170.9
|
|
(12) %
|
Diluted earnings per
share
|
$
1.03
|
|
$
1.18
|
|
(13) %
|
|
$
3.22
|
|
$
3.69
|
|
(13) %
|
Return on common
shareholders' equity(1)
|
6.9 %
|
|
8.4 %
|
|
|
|
7.4 %
|
|
8.9 %
|
|
|
Efficiency
ratio(2)
|
72.9 %
|
|
68.3 %
|
|
|
|
71.5 %
|
|
67.9 %
|
|
|
Common Equity Tier 1
(CET1) capital ratio(3)
|
9.8 %
|
|
9.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
basis
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income(4)
|
$
57.6
|
|
$
58.2
|
|
(1) %
|
|
$
163.6
|
|
$ 179.2
|
|
(9) %
|
Adjusted diluted
earnings per share(1)
|
$
1.22
|
|
$
1.24
|
|
(2) %
|
|
$
3.53
|
|
$
3.88
|
|
(9) %
|
Adjusted return on
common shareholders' equity(1)
|
8.2 %
|
|
8.7 %
|
|
|
|
8.0 %
|
|
9.4 %
|
|
|
Adjusted efficiency
ratio(1)
|
68.5 %
|
|
67.1 %
|
|
|
|
69.2 %
|
|
66.4 %
|
|
|
(1)
|
This is a non-GAAP
ratio. For more information, refer to the Non-GAAP Financial and
Other Measures section below and beginning on page 5 of the Third
Quarter 2023 Report to Shareholders, including the Management's
Discussion and Analysis (MD&A) for the period ended July 31,
2023, which pages are incorporated by reference herein. The
MD&A is available on SEDAR at www.sedar.com
|
(2)
|
This is a supplementary
financial measure. For more information, refer to the Non-GAAP
Financial below and beginning on page 5 of the Third Quarter 2023
Report to Shareholders, including the MD&A for the period ended
July 31, 2023, which pages are incorporated by reference
herein.
|
(3)
|
In accordance with the
Office of the Superintendent of Financial Institutions' (OSFI)
"Capital Adequacy Requirements" guideline.
|
(4)
|
This is a non-GAAP
financial measure. For more information, refer to the Non-GAAP
Financial and Other Measures below and beginning on page 5 of the
Third Quarter 2023 Report to Shareholders, including the MD&A
for the period ended July 31, 2023, which pages are incorporated by
reference herein.
|
Non-GAAP Financial and Other Measures
In addition to financial measures based on generally accepted
accounting principles (GAAP), management uses non-GAAP financial
measures to assess the Bank's underlying ongoing business
performance. Non-GAAP financial measures presented throughout this
document are referred to as "adjusted" measures and exclude amounts
designated as adjusting items. Adjusting items include the
amortization of acquisition-related intangible assets, and certain
items of significance that arise from time to time which management
believes are not reflective of underlying business performance.
Non-GAAP financial measures are not standardized financial measures
under the financial reporting framework used to prepare the
financial statements of the Bank and might not be comparable to
similar financial measures disclosed by other issuers. The Bank
believes non-GAAP financial measures are useful to readers in
obtaining a better understanding of how management assesses the
Bank's performance and in analyzing trends.
The following tables show a reconciliation of the non-GAAP
financial measures to their most directly comparable financial
measure that is disclosed in the primary financial statements of
the Bank.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
— CONSOLIDATED STATEMENT OF INCOME
|
For the three months
ended
|
|
For the nine months
ended
|
In thousands of dollars
(Unaudited)
|
July 31
2023
|
|
April 30
2023
|
|
July 31
2022
|
|
July 31
2023
|
|
July 31
2022
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
$
190,062
|
|
$ 182,472
|
|
$ 177,479
|
|
$
556,209
|
|
$ 527,514
|
|
|
|
|
|
|
|
|
|
|
Less: Adjusting items,
before income taxes
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets(1)
|
3,178
|
|
3,221
|
|
3,074
|
|
9,609
|
|
9,132
|
Restructuring
charges(2)
|
5,480
|
|
—
|
|
—
|
|
5,480
|
|
—
|
Strategic
review-related charges(3)
|
2,713
|
|
—
|
|
—
|
|
2,713
|
|
2,065
|
|
11,371
|
|
3,221
|
|
3,074
|
|
17,802
|
|
11,197
|
Adjusted
non-interest expenses
|
$
178,691
|
|
$ 179,251
|
|
$ 174,405
|
|
$
538,407
|
|
$ 516,317
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
57,431
|
|
$
58,526
|
|
$
65,844
|
|
$
176,918
|
|
$ 210,550
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, before
income taxes (detailed above)
|
11,371
|
|
3,221
|
|
3,074
|
|
17,802
|
|
11,197
|
Adjusted income
before income taxes
|
$
68,802
|
|
$
61,747
|
|
$
68,918
|
|
$
194,720
|
|
$ 221,747
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
49,263
|
|
$
49,291
|
|
$
55,866
|
|
$
150,464
|
|
$ 170,933
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, net of
income taxes
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets(1)
|
2,361
|
|
2,393
|
|
2,287
|
|
7,140
|
|
6,793
|
Restructuring
charges(2)
|
4,027
|
|
—
|
|
—
|
|
4,027
|
|
—
|
Strategic
review-related charges(3)
|
1,995
|
|
—
|
|
—
|
|
1,995
|
|
1,518
|
|
8,383
|
|
2,393
|
|
2,287
|
|
13,162
|
|
8,311
|
Adjusted net
income
|
$
57,646
|
|
$
51,684
|
|
$
58,153
|
|
$
163,626
|
|
$ 179,244
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
44,662
|
|
$
48,003
|
|
$
51,265
|
|
$
139,974
|
|
$ 160,443
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, net of
income taxes (detailed above)
|
8,383
|
|
2,393
|
|
2,287
|
|
13,162
|
|
8,311
|
Adjusted net income
available to common shareholders
|
$
53,045
|
|
$
50,396
|
|
$
53,552
|
|
$
153,136
|
|
$ 168,754
|
(1)
|
Amortization of
acquisition-related intangible assets results from business
acquisitions and is included in the Non-interest expenses line
item.
|
(2)
|
In the third quarter of
2023, restructuring charges resulted from the right-sizing of the
Bank's Capital Markets franchise and were mainly comprised of
severance charges. Restructuring charges were included in the
Impairment and restructuring charges line-item.
|
(3)
|
In the third quarter of
2023, strategic review-related charges resulted from the Bank's
review of strategic options to maximize shareholder and stakeholder
value and mainly included professional fees. In 2022, strategic
review-related charges related to lease contracts following the
completion of the reduction of leased corporate office premises in
Montreal and Toronto, as well as to other updates to estimates
initially recorded in 2021. Strategic review-related charges were
included in the Impairment and restructuring charges
line-item.
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES —
CONSOLIDATED BALANCE SHEET
|
For the three months
ended
|
|
For the nine months
ended
|
In thousands of dollars
(Unaudited)
|
July 31
2023
|
|
April 30
2023
|
|
July 31
2022
|
|
July 31
2023
|
|
July 31
2022
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
$
2,821,415
|
|
$
2,845,993
|
|
$
2,726,823
|
|
$
2,821,415
|
|
$
2,726,823
|
|
|
|
|
|
|
|
|
|
|
Plus
(less):
|
|
|
|
|
|
|
|
|
|
Preferred
shares
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
Limited recourse
capital notes
|
(123,487)
|
|
(123,516)
|
|
(121,543)
|
|
(123,487)
|
|
(121,543)
|
Cash flow hedge
reserve(1)
|
7,328
|
|
(32,591)
|
|
(31,511)
|
|
7,328
|
|
(31,511)
|
Common shareholders'
equity
|
$
2,583,185
|
|
$
2,567,815
|
|
$
2,451,698
|
|
$
2,583,185
|
|
$
2,451,698
|
|
|
|
|
|
|
|
|
|
|
Impact of averaging
month-end balances(2)
|
(14,911)
|
|
(24,981)
|
|
(21,160)
|
|
(39,743)
|
|
(52,523)
|
Average common
shareholders' equity
|
$
2,568,274
|
|
$
2,542,834
|
|
$
2,430,538
|
|
$
2,543,442
|
|
$
2,399,175
|
(1)
|
The cash flow hedge
reserve is presented in the Accumulated other comprehensive income
(loss) line item.
|
(2)
|
Based on the month-end
balances for the period.
|
Consolidated Results
Three months ended July 31,
2023 financial performance
Net income was $49.3 million and
diluted earnings per share were $1.03 for the third quarter of
2023, compared with $55.9 million and $1.18 for the third quarter of 2022. Of
note, reported results for the third quarter of 2023 included
restructuring and strategic-review related charges of $8.2 million ($6.0
million after income taxes), or $0.14 per share, as further detailed in the
Non-GAAP financial measures section. Adjusted net income was
$57.6 million and adjusted
diluted earnings per share were $1.22
for the third quarter of 2023, compared with $58.2 million and $1.24 for the third quarter of 2022.
Total revenue
Total revenue was $260.8 million
for the third quarter of 2023 mainly unchanged compared with the
third quarter of 2022.
Net interest income increased by $3.6 million or 2% to $192.1 million for the third quarter of 2023,
compared with $188.5 million for
the third quarter of 2022. The increase was due to higher interest
income from commercial loans, partly offset by higher funding costs
and lower mortgage pre-payment penalties. The net interest margin
was 1.84% for the third quarter of 2023, an increase of 1 basis
point compared with the third quarter of 2022, mainly due to
favourable changes in the Bank's business mix, partly offset by
higher funding costs as a result of the rising interest rate
environment.
Other income decreased by $2.7 million or 4% to $68.7 million for the third quarter of 2023,
compared with $71.4 million for the
third quarter of 2022. Unfavourable market conditions impacted
financial markets related revenue in the third quarter of 2023,
including income from financial instruments, fees and securities
brokerage commissions and income from mutual funds.
Provision for credit losses
The provision for credit losses was $13.3 million for the
third quarter of 2023 compared with $16.6
million for the third quarter of 2022, an improvement of
$3.3 million reflecting lower
provisions on performing loans due to volume reduction and credit
migration, partly offset by higher provisions on impaired loans.
The provision for credit losses as a percentage of average loans
and acceptances was 14 basis points for the quarter, compared with
18 basis points for the same quarter a year ago. Refer to the
"Risk management" section on pages 16 to 18 of the Bank's MD&A
for the third quarter of 2023 and to Note 5 to the Condensed
Interim Consolidated Financial Statements for more information on
provision for credit losses and allowances for credit losses.
Non-interest expenses
Non-interest expenses amounted to $190.1
million for the third quarter of 2023, an increase of
$12.6 million compared with the third
quarter of 2022. In the third quarter of 2023, non-interest
expenses included restructuring and strategic-review related
charges of $8.2 million; refer
to the Non-GAAP Financial and Other Measures section for further
details. Adjusted non-interest expenses increased by $4.3 million or 2% to $178.7 million for the third quarter of 2023,
compared with $174.4 million for the
third quarter of 2022.
Salaries and employee benefits amounted to
$98.6 million for the third quarter
of 2023, a decrease of $1.4 million
compared with the third quarter of 2022, mostly due to lower
performance-based compensation. This was partly offset by salary
increases and talent acquisition to invest in strategic priorities,
improve the customer experience, and support growth.
Premises and technology costs were $49.2 million for the third quarter of 2023, an
increase of $5.0 million compared
with the third quarter of 2022. The increase year-over-year is
mainly due to higher technology costs as the Bank is investing in
its infrastructure and strategic priorities, as well as increased
amortization charges resulting from new projects.
Other non-interest expenses were $34.0 million for the third quarter of 2023, an
increase of $0.8 million compared
with the third quarter of 2022 mainly resulting from higher
advertising, business development and travel expenses.
Impairment and restructuring charges were
$8.2 million for the third quarter of
2023, compared with nil for the third quarter of 2022. In the third
quarter of 2023, this line-item included restructuring charges of
$5.5 million resulting from the
right-sizing of the Bank's Capital Markets franchise, as well as
charges of $2.7 million resulting
from the Bank's review of strategic options to maximize shareholder
and stakeholder value. Refer to the Non-GAAP financial measures for
further details.
Efficiency ratio
The efficiency ratio on a reported basis was 72.9% for the third
quarter of 2023, compared with 68.3% for the third quarter of 2022.
The increase year-over-year is mainly due to the restructuring and
strategic-review related charges incurred in the third quarter of
2023. The adjusted efficiency ratio was 68.5% for the third quarter
of 2023, compared to 67.1% for the third quarter of 2022 mainly as
a result of investments in strategic priorities.
Income taxes
For the third quarter of 2023, income taxes were $8.2 million, and the effective tax rate was
14.2%. The lower effective tax rate, compared to the statutory
rate, is attributed to a lower taxation level of income from
foreign operations, as well as from the favourable effect of the
interest paid semi-annually on the limited recourse capital notes.
For the third quarter of 2022, the income tax expense was
$10.0 million, and the
effective tax rate was 15.2%. The lower effective tax rate,
compared to the statutory rate, is attributed to a lower taxation
level of income from foreign operations, as well as from the
favourable effect of holding investments in Canadian securities
that generate non-taxable dividend income and of the interest paid
semi-annually on the limited recourse capital notes.
Financial Condition
As at July 31, 2023, total assets amounted to $50.6 billion, relatively in line with
$50.7 billion as at October 31,
2022.
Liquid assets
As at July 31, 2023, liquid assets amounted to $12.2 billion, an increase of $0.4 billion compared with $11.8 billion as at October 31, 2022.
The Bank continues to prudently manage its level of liquid
assets. The Bank's funding sources remain well diversified and
sufficient to meet all liquidity requirements. Liquid assets
represented 24% of total assets as at July 31, 2023,
compared with 23% as at October 31, 2022.
Loans
Loans and bankers' acceptances, net of allowances, stood at
$36.7 billion as at
July 31, 2023, a decrease of $0.6 billion since October 31,
2022. During the first nine months of 2023, the decrease in
personal and commercial loans was partly offset by an increase in
residential mortgage loans. Commercial loans and acceptances
amounted to $17.8 billion as at
July 31, 2023, a decrease of $0.4
billion or 2% since October 31, 2022. The decrease
resulted mainly from a seasonal reduction in inventory financing
volumes. Personal loans of $2.7 billion as at July 31, 2023
decreased by $0.5 billion from
October 31, 2022, mainly as a result of a decline in the
investment loan portfolio driven by volatile market conditions.
Residential mortgage loans of $16.4
billion as at July 31, 2023 increased by $0.3 billion or 2% from October 31,
2022.
Deposits
Deposits decreased by $0.8 billion
to $26.3 billion as at July 31,
2023 compared with $27.1 billion as
at October 31, 2022, relatively in line with the reduction in
loans.
Personal deposits stood at $22.4
billion as at July 31, 2023, an increase of
$0.2 billion compared with
$22.2 billion as at October 31,
2022. Of note, personal deposits sourced through the retail channel
increased by $0.3 billion or 4%
compared with October 31, 2022. Personal notice and demand
deposits from partnerships also increased by $0.3 billion or 9% since October 31, 2022, and deposits from advisors and
brokers decreased by $0.3 billion.
Personal deposits represented 85% of total deposits as at
July 31, 2023, compared with 82% as at October 31, 2022,
and contributed to the Bank's sound liquidity position. Business
and other deposits decreased by $1.0
billion over the same period to $3.9
billion, partly offset by an increase in cost-effective
long-term debt related to securitization activities, as detailed
below.
Debt related to securitization activities
Debt related to securitization activities increased by
$0.4 billion or 3% compared with
October 31, 2022 and stood at $12.6 billion as at July 31, 2023.
Since the beginning of the year, new issuances of cost-effective
long-term debt related to securitization activities more than
offset maturities of liabilities, as well as normal repayments.
Shareholders' equity and regulatory capital
Shareholders' equity stood at $2.8
billion as at July 31, 2023 and increased by
$40.3 million compared with
October 31, 2022. Retained earnings increased by $75.7 million compared to October 31, 2022,
mainly as a result of the net income contribution of $150.5 million, partly offset by dividends.
For additional information, please refer to the Capital Management
section of the Bank's MD&A and to the Consolidated Statement of
Changes in Shareholders' Equity for the period ended July 31,
2023.
The Bank's book value per common share was $59.30 as at
July 31, 2023 compared to $58.02
as at October 31, 2022.
The CET1 capital ratio was 9.8% as at July 31, 2023, in
excess of the minimum regulatory requirement and the Bank's target
management levels. The CET1 capital ratio increased by 70 basis
points compared with October 31, 2022 due to internal capital
generation and the seasonal inventory financing loan reduction. The
Bank met OSFI's capital and leverage requirements throughout
the quarter.
On August 30, 2023, the Board of Directors declared a
quarterly dividend of $0.47 per
common share, payable on November 1, 2023, to shareholders of
record on October 2, 2023. This quarterly dividend is equal to
the dividend declared in the previous quarter and is 4% higher
compared with the dividend declared in the previous year. The Board
also determined that shares attributed under the Bank's Shareholder
Dividend Reinvestment and Share Purchase Plan will be made in
common shares issued from Corporate Treasury with a 2%
discount.
Caution Regarding Forward-Looking Statements
From time to time, Laurentian Bank of Canada and, as applicable its subsidiaries
(collectively referred to as the "Bank") may make written or oral
forward-looking statements. These forward-looking statements are
made in accordance with the "safe harbor" provisions and are
intended to be forward-looking statements in accordance with
applicable Canadian and U.S. securities legislation.
Forward-looking statements include, but are not limited to,
statements regarding the Bank's vision, strategic goals, business
plans and strategies, priorities and financial performance
objectives; the economic and market review and outlook for
Canadian, U.S., European, and global economies; the regulatory
environment in which the Bank operates; the risk environment,
including, credit risk, liquidity, and funding risks; the
statements under the headings "Outlook" and "Risk Appetite and Risk
Management Framework" contained in the 2022 Annual Report for the
year ended October 31, 2022 (the "2022 Annual Report"),
including the Management's Discussion and Analysis for the fiscal
year ended October 31, 2022; and other statements that
are not historical facts. The forward-looking statements contained
in, or incorporated by reference in, this document are used to
assist readers in obtaining a better understanding of the Bank's
financial position and the results of operations as at and for the
periods ended on the dates presented and may not be appropriate for
other purposes.
Forward-looking statements typically are identified with words
or phrases such as "believe", "assume", "estimate", "forecast",
"outlook", "project", "vision", "expect", "foresee", "anticipate",
"intend", "plan", "goal", "aim", "target", and expressions of
future or conditional verbs such as "may", "should", "could",
"would", "will", "intend" or the negative of any of these terms,
variations thereof or similar terminology.
By their very nature, forward-looking statements require the
Bank to make assumptions and are subject to inherent risks and
uncertainties, both general and specific in nature, which give rise
to the possibility that the Bank's predictions, forecasts,
projections, expectations, or conclusions may prove to be
inaccurate; that the Bank's assumptions may be incorrect (in whole
or in part); and that the Bank's financial performance objectives,
visions, and strategic goals may not be achieved. Forward-looking
statements should not be read as guarantees of future performance
or results, or indications of whether or not actual results will be
achieved. Material economic assumptions underlying such
forward-looking statements are set out in the 2022 Annual Report
under the heading "Outlook", which assumptions are incorporated by
reference herein.
The Bank cautions readers against placing undue reliance on
forward-looking statements, as a number of factors, many of which
are beyond the Bank's control and the effects of which can be
difficult to predict or measure, could influence, individually or
collectively, the accuracy of the forward-looking statements and
cause the Bank's actual future results to differ significantly from
the targets, expectations, estimates or intentions expressed in the
forward-looking statements. These factors include, but are not
limited to, risks relating to: credit; market; liquidity and
funding; insurance; operational; regulatory compliance (which could
lead to the Bank being subject to various legal and regulatory
proceedings, the potential outcome of which could include
regulatory restrictions, penalties, and fines); strategic;
reputation; legal and regulatory environment; competitive and
systemic risks; supply chain disruptions; geopolitical events and
uncertainties; government sanctions; conflict, war, or terrorism;
and other significant risks discussed in the risk-related portions
of the Bank's 2022 Annual Report, such as those related to:
Canadian and global economic conditions (including the risk of
higher inflation and rising interest rates); geopolitical issues;
Canadian housing and household indebtedness; technology,
information systems and cybersecurity; technological disruption,
privacy, data and third-party related risks; competition and the
Bank's ability to execute on its strategic objectives; the economic
climate in the U.S. and Canada;
digital disruption and innovation (including, emerging fintech
competitors); Interbank offered rate (IBOR) transition; changes in
currency and interest rates; accounting policies, estimates and
developments; legal and regulatory compliance and changes; changes
in government fiscal, monetary and other policies; tax risk and
transparency; modernization of Canadian payment systems;
fraud and criminal activity; human capital; insurance;
business continuity; business infrastructure; emergence of
widespread health emergencies or public health crises;
environmental and social risks; including climate change; and the
Bank's ability to manage, measure or model operational, regulatory,
legal, strategic or reputational risks, all of which are described
in more detail in the section titled "Risk Appetite and Risk
Management Framework" beginning on page 48 of the 2022 Annual
Report, including the Management's Discussion and Analysis for the
fiscal year ended October 31, 2022,
which information is incorporated by reference herein. The Bank
further cautions that the foregoing list of factors is not
exhaustive. When relying on the Bank's forward-looking statements
to make decisions involving the Bank, investors and others should
carefully consider the foregoing factors, uncertainties, and
current or potential events.
Any forward-looking statements contained herein or incorporated
by reference represent the views of management of the Bank only as
at the date such statements were or are made, are presented for the
purposes of assisting investors, financial analysts, and others in
understanding certain key elements of the Bank's financial
position, current objectives, strategic priorities, expectations
and plans, and in obtaining a better understanding of the Bank's
business and anticipated financial performance and operating
environment and may not be appropriate for other purposes. The Bank
does not undertake any obligation to update any forward-looking
statements made by the Bank or on its behalf whether as a result of
new information, future events or otherwise, except to the extent
required by applicable securities regulations and laws. Additional
information relating to the Bank can be located on SEDAR at
www.sedar.com.
Access to Quarterly Results Materials
This press release can be found on the Bank's website at
www.lbcfg.ca, under the Press Room tab, and the Bank's Report to
Shareholders, Investor Presentation and Supplementary Financial
Information under the Investor Centre tab, Financial Results.
Conference Call
Laurentian Bank of Canada
invites media representatives and the public to listen to the
conference call to be held at 9:00 a.m. (ET) on
August 31, 2023. The live, listen-only, toll-free, call-in
number is 1-888-664-6392, code 72396970. A live webcast will
also be available on the Group's website under the Investor Centre
tab, Financial Results.
The conference call playback will be available on a delayed
basis from 12:00 p.m. (ET) on
August 31, 2023, until 12:00 p.m. (ET) on October 1, 2023, on our website under the
Investor Centre tab, Financial Results.
The presentation material referenced during the call will be
available on our website under the Investor Centre tab, Financial
Results.
About Laurentian Bank of Canada
At Laurentian Bank, we believe we can change banking for the
better. By seeing beyond numbers.
Founded in Montréal in 1846, Laurentian Bank helps families,
businesses and communities thrive. Today, we have approximately
3,000 employees working together as one team, to provide a broad
range of financial services and advice-based solutions for
customers across Canada and
the United States. We protect,
manage and grow $50.6 billion in
balance sheet assets and $27.4 billion in assets under
administration.
We drive results by placing our customers first, making the
better choice, acting courageously, and believing everyone
belongs.
SOURCE Laurentian Bank of Canada