Laurentian Bank (TSE:LB) has released an update.
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Laurentian Bank of Canada reported a decrease in net income to $37.3 million and a drop in diluted earnings per share to $0.75 for the first quarter of 2024, from last year’s $51.9 million and $1.09 respectively. The first quarter results were impacted by a negative pre-tax impact from September’s mainframe outage and restructuring charges, leading to a decline in return on common shareholders’ equity compared to the same quarter last year. Despite these challenges, the Bank’s President & CEO highlighted a strong liquidity level and a strengthened capital position amid macroeconomic uncertainties.
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