Business and Finance

MONTREAL–Laurentian Bank of Canada has reported an increase in second-quarter net income to $25.1 million compared with $20.7 million in the year-ago period, "despite the turmoil which continues to affect the capital markets."

Earnings per share rose to 93 cents from 75 cents, as return on equity improved to 11.2 per cent from 9.7 per cent, the bank reported Wednesday.

"We have been able to maintain our course, and again deliver strong earnings, despite the turmoil which continues to affect the capital markets," stated CEO Rejean Robitaille.

"We have continued our business development activities and further increased our loan and deposit portfolios online cash advance no fax payday loans. Moreover, our strong capital and liquidity levels, combined with our limited involvement in complex structured financial instruments clearly contributed to lower our risk profile."

Laurentian said its revenue increased by $9.8 million or 6.7 per cent, to $155.5 million from $145.7 million. There was a $3.5-million increase in net interest income and a $6.3-million rise in other income, primarily from securitization.

Provision for credit losses was unchanged at $10 million.

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