MONTREAL - Laurentian Bank of Canada reported a loss of $20.6 million in its latest quarter as it worked to complete its deal to be split in two and sold in a pivot to become a specialty commercial bank.
The bank says the loss amounted to 50 cents per diluted share for the quarter ended April 30 compared with a profit of $32.3 million or 69 cents per share a year earlier.
On an adjusted basis, Laurentian says it earned 46 cents per share in its latest quarter compared with an adjusted profit of 73 cents per share in the same quarter last year.
Revenue totalled $213.7 million, down from $242.5 million a year ago, while its provision for credit losses amounted to $26.9 million for the quarter compared with $16.7 million in the same quarter last year.
Laurentian announced in December last year a deal that will see Fairstone Bank acquire the 180-year-old Quebec institution for $1.9 billion, but maintain the brand with a focus on financial services for corporations.
Under the terms, Laurentian's retail and small-and-medium-sized banking portfolios will be acquired by National Bank.
This report by The Canadian Press was first published May 29, 2026.
Companies in this story: (TSX:LB, TSX:NA)
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