Laurentian Bank Of Canada Shares Surge After Q2 Results

Laurentian Bank of Canada LB LRCDF reported a second-quarter net income increase of 12% year-over-year to C$59.5 million and an adjusted net income of C$61.6 million (+9% Y/Y).
Total revenue was C$259.6 million (+4% Y/Y). Net interest income increased 5% Y/Y to C$180.1 million, and Other income increased by 2% Y/Y to C$79.5 million.
Adjusted EPS was C$1.39, compared with C$1.23 in 2Q21.
Return on common shareholders' equity was 10% for the quarter, compared with 8.6% for 2Q21, and Adjusted ROE was 10.3%, compared with 9.2% a year ago.
The provision for credit losses was C$13 million, compared with C$2.4 million in 2Q21.
Non-interest expenses were C$172.1 million, a decrease of 4% Y/Y.
The efficiency ratio was 66.3%, compared with 71.9% in 2Q21 and the adjusted efficiency ratio was 65.2%, compared to 69.9% a year earlier.
Deposits increased by C$2.3 billion to C$25.2 billion as of April 30, 2022, compared with C$23 billion as of October 31, 2021.
The Common Equity Tier 1 capital ratio stood at 9.3% as of April 30, 2022, compared with 10.2% as of October 31, 2021.
Dividend: Laurentian Bank declared a quarterly dividend of C$0.45 per common share, up 2% versus the dividend declared in the previous quarter and 13% Y/Y, payable on August 1, 2022, to shareholders of record on July 4, 2022.
Price Action: LB shares are trading higher by 8.34% at C$41.83 on TSX on the last check Wednesday.
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