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Laurentian Bank of Canada fiscal Q2 net income slides YOY

Laurentian Bank of Canada on May 30 reported net income of C$44.6 million, or C$1.19 per share, for the period ending April 30, compared to C$45.7 million, or C$1.43 per share, for the year-ago period.

Adjusted net income for the Montreal-based bank is C$51.6 million for the current period, or C$1.39 per share, compared to C$46.7 million or C$1.46 per share for the same period in 2016.

The company's adjusted efficiency ratio was 67.2% for the fiscal second quarter, improving from the year-ago quarter's 70.6%.

In addition, Laurentian Bank of Canada declares a quarterly dividend on its common shares of 62 Canadian cents per share, an increase of 1 cent from the previous dividend. The latest dividend is payable Aug. 1 to holders on record at the close of business on July 4.