The financial
information reported herein is based on the condensed interim
consolidated (unaudited) information for the three-month period
ended April 30, 2023 and has been prepared in accordance with
International Financial Reporting standards (IFRS), as issued by
the International Accounting Standards Board (IASB). All amounts
are denominated in Canadian dollars. The Laurentian Bank of Canada
and its entities are collectively referred to as "Laurentian Bank"
or the "Bank" and provide deposit, investment, loan, securities,
trust and other products or services.
|
MONTREAL, June 1, 2023
/CNW/ - Laurentian Bank of Canada
reported net income of $49.3 million
and diluted earnings per share of $1.11 for the second quarter of 2023, compared
with $59.5 million and $1.34 for the second quarter of 2022. Return on
common shareholders' equity was 7.7% for the second quarter of
2023, compared with 10.0% for the second quarter of 2022. Adjusted
net income(1) was $51.7
million and adjusted diluted earnings per share were
$1.16 for the second quarter of 2023,
compared with $61.6 million and
$1.39 for the second quarter of 2022.
Adjusted return on common shareholders' equity was 8.1% for the
second quarter of 2023, compared with 10.3% for the same period a
year ago.
For the six months ended April 30,
2023, reported net income was $101.2
million and diluted earnings per share were $2.20, compared with $115.1 million and $2.51 for the six months ended April 30, 2022. Return on common shareholders'
equity was 7.6% for the six months ended April 30, 2023, compared with 9.2% for the six
months ended April 30, 2022. Adjusted
net income was $106.0 million and
adjusted diluted earnings per share were $2.31 for the six months ended April 30, 2023, compared with $121.1 million and $2.65 for the six months ended April 30, 2022. Adjusted return on common
shareholders' equity was 8.0% for the six months ended April 30, 2023, compared with 9.7% for the same
period a year ago.
"I am extremely pleased with our results this quarter and the
progress we have made in optimizing our funding profile, ending the
quarter with a very strong liquidity position and capital level,"
said Rania Llewellyn, President
& CEO. "This quarter we continued to achieve key milestones
along our digital journey, including the public launch of our
digital account opening solution, which will allow us to deepen our
relationships with current customers and acquire net new customers
outside of our branch footprint across Canada."
|
For the three months
ended
|
|
For the six months
ended
|
In millions of dollars,
except per share and percentage
amounts (Unaudited)
|
April 30,
2023
|
|
April 30,
2022
|
|
Variance
|
|
April 30,
2023
|
|
April 30,
2022
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
basis
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
49.3
|
|
$
59.5
|
|
(17) %
|
|
$
101.2
|
|
$ 115.1
|
|
(12) %
|
Diluted earnings per
share
|
$
1.11
|
|
$
1.34
|
|
(17) %
|
|
$
2.20
|
|
$
2.51
|
|
(12) %
|
Return on common
shareholders' equity(1)
|
7.7 %
|
|
10.0 %
|
|
|
|
7.6 %
|
|
9.2 %
|
|
|
Efficiency
ratio(2)
|
71.0 %
|
|
66.3 %
|
|
|
|
70.8 %
|
|
67.7 %
|
|
|
Common Equity Tier 1
capital ratio(3)
|
9.3 %
|
|
9.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
basis
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income(4)
|
$
51.7
|
|
$
61.6
|
|
(16) %
|
|
$
106.0
|
|
$ 121.1
|
|
(12) %
|
Adjusted diluted
earnings per share(1)
|
$
1.16
|
|
$
1.39
|
|
(17) %
|
|
$
2.31
|
|
$
2.65
|
|
(13) %
|
Adjusted return on
common shareholders' equity(1)
|
8.1 %
|
|
10.3 %
|
|
|
|
8.0 %
|
|
9.7 %
|
|
|
Adjusted efficiency
ratio(1)
|
69.7 %
|
|
65.2 %
|
|
|
|
69.5 %
|
|
66.1 %
|
|
|
(1)
|
This is a non-GAAP
ratio. For more information, refer to the Non-GAAP Financial and
Other Measures section below and beginning on page 5 of the Second
Quarter 2023 Report to Shareholders, including the Management's
Discussion and Analysis (MD&A) for the period ended April 30,
2023, which pages are incorporated by reference herein. The
MD&A is available on SEDAR at www.sedar.com
|
(2)
|
This is a supplementary
financial measure. For more information, refer to the Non-GAAP
Financial below and beginning on page 5 of the Second Quarter 2023
Report to Shareholders, including the MD&A for the period ended
April 30, 2023, which pages are incorporated by reference
herein.
|
(3)
|
In accordance with the
Office of the Superintendent of Financial Institutions's (OSFI)
"Capital Adequacy Requirements" guideline.
|
(4)
|
This is a non-GAAP
financial measure. For more information, refer to the Non-GAAP
Financial and Other Measures below and beginning on page 5 of the
Second Quarter 2023 Report to Shareholders, including the MD&A
for the period ended April 30, 2023, which pages are incorporated
by reference herein.
|
Driving Efficiencies Through Simplification
In line with our priority to drive efficiencies through
simplification and our strategic objective to focus on our
specializations, coupled with unfavourable financial market
conditions, we have decided in late May to right size our Capital
Markets franchise. This is in line with our commitment to operate a
focused and aligned offering in key businesses, where we have
significant alignment with the rest of the Bank.
As a result, restructuring charges of an estimated $6 million (before income taxes) are expected to
be incurred in the third quarter of 2023. We expect these actions
will generate recurring cost savings of an approximate
$5 million (before income taxes) on an annual basis.
Non-GAAP Financial and Other Measures
In addition to financial measures based on generally accepted
accounting principles (GAAP), management uses non-GAAP financial
measures to assess the Bank's underlying ongoing business
performance. Non-GAAP financial measures presented throughout this
document are referred to as "adjusted" measures and exclude amounts
designated as adjusting items. Adjusting items include the
amortization of acquisition-related intangible assets, and certain
items of significance that arise from time to time which management
believes are not reflective of underlying business performance.
Non-GAAP financial measures are not standardized financial measures
under the financial reporting framework used to prepare the
financial statements of the Bank and might not be comparable to
similar financial measures disclosed by other issuers. The Bank
believes non-GAAP financial measures are useful to readers in
obtaining a better understanding of how management assesses the
Bank's performance and in analyzing trends.
The following tables show a reconciliation of the non-GAAP
financial measures to their most directly comparable financial
measure that is disclosed in the primary financial statements of
the Bank.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES —
CONSOLIDATED STATEMENT OF INCOME
|
For the three months
ended
|
|
For the six months
ended
|
In thousands of dollars
(Unaudited)
|
April 30
2023
|
|
January 31
2023
|
|
April 30
2022
|
|
April 30
2023
|
|
April 30
2022
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
$
182,472
|
|
$ 183,675
|
|
$ 172,105
|
|
$
366,147
|
|
$ 350,035
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, before
income taxes
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets(1)
|
3,221
|
|
3,210
|
|
3,030
|
|
6,431
|
|
6,058
|
Strategic
review-related charges(2)
|
—
|
|
—
|
|
(277)
|
|
—
|
|
2,065
|
|
3,221
|
|
3,210
|
|
2,753
|
|
6,431
|
|
8,123
|
Adjusted
non-interest expenses
|
$
179,251
|
|
$ 180,465
|
|
$ 169,352
|
|
$
359,716
|
|
$ 341,912
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
58,526
|
|
$
60,961
|
|
$
74,497
|
|
$
119,487
|
|
$ 144,706
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, before
income taxes (detailed above)
|
3,221
|
|
3,210
|
|
2,753
|
|
6,431
|
|
8,123
|
Adjusted income
before income taxes
|
$
61,747
|
|
$
64,171
|
|
$
77,250
|
|
$
125,918
|
|
$ 152,829
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
49,291
|
|
$
51,910
|
|
$
59,549
|
|
$
101,201
|
|
$ 115,067
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, net of
income taxes
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets(1)
|
2,393
|
|
2,386
|
|
2,254
|
|
4,779
|
|
4,506
|
Strategic
review-related charges(2)
|
—
|
|
—
|
|
(203)
|
|
—
|
|
1,518
|
|
2,393
|
|
2,386
|
|
2,051
|
|
4,779
|
|
6,024
|
Adjusted net
income
|
$
51,684
|
|
$
54,296
|
|
$
61,600
|
|
$
105,980
|
|
$ 121,091
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
48,003
|
|
$
47,309
|
|
$
58,261
|
|
$
95,312
|
|
$ 109,178
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, net of
income taxes (detailed above)
|
2,393
|
|
2,386
|
|
2,051
|
|
4,779
|
|
6,024
|
Adjusted net income
available to common shareholders
|
$
50,396
|
|
$
49,695
|
|
$
60,312
|
|
$
100,091
|
|
$ 115,202
|
(1)
|
Amortization of
acquisition-related intangible assets results from business
acquisitions and is included in the Non-interest expenses line
item.
|
(2)
|
In 2022, strategic
review-related charges mainly related to lease contracts following
the completion of the reduction of leased corporate office premises
in Montreal and Toronto, as well as to other updates to estimates
initially recorded in 2021.
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES —
CONSOLIDATED BALANCE SHEET
|
For the three months
ended
|
|
For the six months
ended
|
In thousands of dollars
(Unaudited)
|
April 30
2023
|
|
January 31
2023
|
|
April 30
2022
|
|
April 30
2023
|
|
April 30
2022
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
$
2,845,993
|
|
$
2,808,932
|
|
$
2,689,345
|
|
$
2,845,993
|
|
$
2,689,345
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Preferred
shares
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
Limited recourse
capital notes
|
(123,516)
|
|
(123,282)
|
|
(121,581)
|
|
(123,516)
|
|
(121,581)
|
Cash flow hedges
reserve(1)
|
(32,591)
|
|
(33,323)
|
|
(27,621)
|
|
(32,591)
|
|
(27,621)
|
Common shareholders'
equity
|
$
2,567,815
|
|
$
2,530,256
|
|
$
2,418,072
|
|
$
2,567,815
|
|
$
2,418,072
|
|
|
|
|
|
|
|
|
|
|
Impact of averaging
month-end balances(2)
|
(24,981)
|
|
(11,057)
|
|
(26,717)
|
|
(36,994)
|
|
(34,839)
|
Average common
shareholders' equity
|
$
2,542,834
|
|
$
2,519,199
|
|
$
2,391,355
|
|
$
2,530,821
|
|
$
2,383,233
|
(1) The cash flow
hedges reserve is presented in the Accumulated other comprehensive
income line item.
|
(2) Based on the
month-end balances for the period.
|
Consolidated Results
Three months ended April 30,
2023 financial performance
Net income was $49.3 million and
diluted earnings per share were $1.11 for the second quarter
of 2023, compared with $59.5 million and $1.34 for the second quarter of 2022.
Adjusted net income was $51.7 million and adjusted diluted earnings
per share were $1.16 for the second
quarter of 2023, compared with $61.6 million and $1.39 for the second quarter of 2022.
Total revenue
Total revenue of $257.2 million
for the second quarter of 2023 decreased by 1% compared with
$259.6 million for the second quarter
of 2022.
Net interest income increased by $4.1 million or 2% to $184.2 million for the second quarter of 2023,
compared with $180.1 million for
the second quarter of 2022. The increase was mainly due to higher
interest income from commercial loans, partly offset by higher
funding costs and lower mortgage pre-payment penalties. The net
interest margin was 1.80% for the second quarter of 2023, a
decrease of 7 basis points compared with the second quarter of
2022, mainly due to higher funding costs, loan repricing lags and
lower mortgage prepayment penalties as a result of the rising
interest rate environment, partly offset by favourable changes in
our business mix.
Other income decreased by $6.5 million or 8% to $73.0 million for the second quarter of 2023,
compared with $79.5 million for the
second quarter of 2022. Unfavourable market conditions impacted
financial markets related revenue in the second quarter of 2023,
including fees and securities brokerage commissions, income from
mutual funds and income from financial instruments.
Provision for credit losses
The provision for credit losses was $16.2 million for the
second quarter of 2023 compared with $13.0
million for the second quarter of 2022, an increase of
$3.2 million reflecting higher
provisions on impaired loans due to credit migration, partly offset
by lower provisions on performing loans. The provision for credit
losses as a percentage of average loans and acceptances stood at 18
bps for the quarter, compared with 15 bps for the same quarter
a year ago. Refer to the "Risk management" section on pages 14 to
16 of the Bank's MD&A for the second quarter of 2023 and
to Note 5 to the Condensed Interim Consolidated Financial
Statements for more information on provision for credit losses and
allowances for credit losses.
Non-interest expenses
Non-interest expenses amounted to $182.5
million for the second quarter of 2023, an increase of
$10.4 million compared with the
second quarter of 2022. Adjusted non-interest expenses increased by
$9.9 million or 6% to $179.3 million for the second quarter of 2023,
compared with $169.4 million for the
second quarter of 2022.
Salaries and employee benefits amounted to
$100.7 million for the second quarter
of 2023, an increase of $2.0 million
compared with the second quarter of 2022, mostly due to salary
increases and talent acquisition to invest in strategic priorities,
improve the customer experience, and support growth. This was
partly offset by lower performance-based compensation.
Premises and technology costs were $48.6 million for the second quarter of 2023, an
increase of $4.9 million compared
with the second quarter of 2022. The increase year-over-year is
mainly due to higher technology costs as the Bank is investing in
its infrastructure and strategic priorities, as well as increased
amortization charges resulting from new projects.
Other non-interest expenses were $33.2 million for the second quarter of 2023, an
increase of $3.3 million compared
with the second quarter of 2022 mainly resulting from higher
advertising, business development and travel expenses, as well as
higher professional and advisory services fees to deliver strategic
initiatives.
Efficiency ratio
The efficiency ratio on a reported basis was 71.0% for the
second quarter of 2023, compared with 66.3% for the second quarter
of 2022. The adjusted efficiency ratio was 69.7% for the second
quarter of 2023, compared to 65.2% for the second quarter of 2022,
mainly as a result of pressures on revenues and investments in
strategic priorities, as detailed above. The same elements also
contributed to negative operating leverage on a year-over-year
basis.
Income taxes
For the second quarter of 2023, income taxes were $9.2 million, and the effective tax rate was
15.8%. For the second quarter of 2022, the income tax expense was
$14.9 million, and the effective
tax rate was 20.1%. For both quarters, the lower effective tax
rate, compared to the statutory rate, is attributed to a lower
taxation level of income from foreign operations, as well as from
the favourable effect of holding investments in Canadian securities
that generate non-taxable dividend income.
Financial Condition
As at April 30, 2023, total assets amounted to $50.7 billion, unchanged compared with $50.7
billion as at October 31, 2022.
Liquid assets
As at April 30, 2023, liquid assets amounted to
$11.5 billion, a decrease of
$0.3 billion compared with
$11.8 billion as at October 31,
2022.
The Bank continues to prudently manage its level of liquid
assets. The Bank's funding sources remain well diversified and
sufficient to meet all liquidity requirements. Liquid assets
represented 23% of total assets as at April 30, 2023,
unchanged compared with October 31, 2022.
Loans
Loans and bankers' acceptances, net of allowances, stood at
$37.7 billion as at
April 30, 2023 an increase of $0.3 billion since October 31,
2022. During the first half of 2023, commercial loan and
residential mortgage growth were partly offset by a decrease in
personal loans. Commercial loans and acceptances amounted to
$18.6 billion as at April 30,
2023, an increase of $0.4 billion or
2% since October 31, 2022. The increase resulted mainly
from net growth in both inventory financing and real estate
lending. Residential mortgage loans of $16.4
billion as at April 30, 2023 increased by $0.2 billion or 1% from October 31,
2022. Personal loans of $2.9 billion
as at April 30, 2023 decreased by $0.4 billion from October 31, 2022,
mainly as a result of a decline in the investment loan portfolio
driven by volatile market conditions.
Deposits
The Bank has prudently maintained higher liquidity over the last
few quarters due to macroeconomic uncertainty. The Bank had
strongly increased its personal partnership and personal term
deposits in the first quarter by a combined $1.4 billion. In addition and as further detailed
below, the Bank issued an additional $0.8
billion of cost-effective long-term debt related to
securitization activities during the second quarter. Therefore, the
Bank took actions throughout the second quarter to reduce
shorter-term more costly deposits, including personal deposits from
advisors and brokers, leading to a decrease of $0.6 billion of total deposits to $26.5 billion as at April 30, 2023 compared
with $27.1 billion as at
October 31, 2022. Of note, personal deposits sourced through
the retail channel increased by $0.4
billion or 5% since October 31, 2022.
Personal deposits represented 83% of total deposits as at
April 30, 2023, compared with 82% as at October 31, 2022,
and contributed to the Bank's sound liquidity position.
Debt related to securitization activities
Debt related to securitization activities increased by
$0.5 billion or 4% compared with
October 31, 2022 and stood at $12.6 billion as at April 30, 2023. As
detailed in the Deposits section above, the Bank took actions
throughout the second quarter to optimize its funding structure and
issued $0.8 billion of cost-effective
debt related to securitization activities.
Shareholders' equity and regulatory capital
Shareholders' equity stood at $2.8
billion as at April 30, 2023 and increased by
$64.9 million compared with
October 31, 2022. Retained earnings increased by $51.9 million compared to October 31, 2022,
mainly as a result of the net income contribution of $101.2 million, partly offset by dividends.
For additional information, please refer to the Capital Management
section of the Bank's MD&A and to the Consolidated Statement of
Changes in Shareholders' Equity for the period ended April 30,
2023.
The Bank's book value per common share was $59.06 as at
April 30, 2023 compared to $58.02 as at October 31, 2022.
In the second quarter of 2023, OSFI's revised capital, leverage,
liquidity and disclosure rules that incorporate the final Basel III
banking reforms with additional adjustments to make them suitable
for federally regulated deposit-taking institutions (DTIs) took
effect. The revised rules also include the Small and Medium-Sized
Deposit-Taking Institutions (SMSBs) Capital and Liquidity
Requirements Guideline, as well as separate Pillar 3 Disclosure
Requirements for Domestic Systemically Important Banks (D-SIBs) and
SMSBs. The new regulatory requirements had no material impact on
the Bank's Common Equity Tier 1 capital or Common Equity
Tier 1 capital ratio as at April 30,
2023. Refer to the "Regulatory capital developments" section
on page 13 of the Bank's MD&A for the second quarter of 2023
for more information.
The Common Equity Tier 1 capital ratio stood at 9.3% as at
April 30, 2023, an increase of 20 basis points compared with
October 31, 2022 and in excess of the minimum regulatory
requirement and the Bank's target management levels. The Bank
dynamically manages its level of capital which led to an increased
CET1 capital ratio since the beginning of the year due to internal
capital generation. The Bank met OSFI's capital and leverage
requirements throughout the quarter.
On May 31, 2023, the Board of Directors declared a
quarterly dividend of $0.47 per
common share, payable on August 1, 2023, to shareholders
of record on July 4, 2023. This quarterly dividend increased
by 2% compared with the dividend declared in the previous quarter
and is 4% higher compared with the dividend declared in the
previous year. The Board also determined that shares attributed
under the Bank's Shareholder Dividend Reinvestment and Share
Purchase Plan will be made in common shares issued from Corporate
Treasury with a 2% discount.
Caution Regarding Forward-Looking Statements
From time to time, Laurentian Bank of Canada and, as applicable its subsidiaries
(collectively referred to as the "Bank") may make written or oral
forward-looking statements within the meaning of applicable
Canadian and United States (U.S.)
securities legislation. These forward-looking statements are made
in accordance with the "safe harbor" provisions and are intended to
be forward-looking statements in accordance with applicable
Canadian and U.S. securities legislation. Forward-looking
statements include, but are not limited to, statements regarding
the Bank's vision, strategic goals, business plans and strategies,
priorities and financial performance objectives; the economic and
market review and outlook for Canadian, U.S., European, and global
economies; the regulatory environment in which the Bank operates;
the risk environment, including, credit risk, liquidity, and
funding risks; the statements under the headings "Outlook" and
"Risk Appetite and Risk Management Framework" contained in the 2022
Annual Report for the year ended October 31, 2022 (the
"2022 Annual Report"), including the Management's Discussion and
Analysis for the fiscal year ended October 31, 2022; and
other statements that are not historical facts. The forward-looking
statements contained in, or incorporated by reference in, this
document are used to assist readers in obtaining a better
understanding of the Bank's financial position and the results of
operations as at and for the periods ended on the dates presented
and may not be appropriate for other purposes.
Forward-looking statements typically are identified with words
or phrases such as "believe", "assume", "estimate", "forecast",
"outlook", "project", "vision", "expect", "foresee", "anticipate",
"intend", "plan", "goal", "aim", "target", and expressions of
future or conditional verbs such as "may", "should", "could",
"would", "will", "intend" or the negative of any of these terms,
variations thereof or similar terminology.
By their very nature, forward-looking statements require the
Bank to make assumptions and are subject to inherent risks and
uncertainties, both general and specific in nature, which give rise
to the possibility that the Bank's predictions, forecasts,
projections, expectations, or conclusions may prove to be
inaccurate; that the Bank's assumptions may be incorrect (in whole
or in part); and that the Bank's financial performance objectives,
visions, and strategic goals may not be achieved. Forward-looking
statements should not be read as guarantees of future performance
or results, or indications of whether or not actual results will be
achieved. Material economic assumptions underlying such
forward-looking statements are set out in the 2022 Annual Report
under the heading "Outlook", which assumptions are incorporated by
reference herein.
The Bank cautions readers against placing undue reliance on
forward-looking statements, as a number of factors, many of which
are beyond the Bank's control and the effects of which can be
difficult to predict or measure, could influence, individually or
collectively, the accuracy of the forward-looking statements and
cause the Bank's actual future results to differ significantly from
the targets, expectations, estimates or intentions expressed in the
forward-looking statements. These factors include, but are not
limited to, risks relating to: credit; market; liquidity and
funding; insurance; operational; regulatory compliance (which could
lead to the Bank being subject to various legal and regulatory
proceedings, the potential outcome of which could include
regulatory restrictions, penalties, and fines); strategic;
reputation; legal and regulatory environment; competitive and
systemic risks; supply chain disruptions; geopolitical events and
uncertainties; government sanctions; conflict, war, or terrorism;
and other significant risks discussed in the risk-related portions
of the Bank's 2022 Annual Report, such as those related to: the
ongoing and potential impacts of COVID-19 on the Bank's business,
financial condition and prospects; Canadian and global economic
conditions (including the risk of higher inflation and rising
interest rates); geopolitical issues; Canadian housing and
household indebtedness; technology, information systems and
cybersecurity; technological disruption, privacy, data and
third-party related risks; competition and the Bank's ability to
execute on its strategic objectives; the economic climate in the
U.S. and Canada; digital
disruption and innovation (including, emerging fintech
competitors); Interbank offered rate (IBOR) transition; changes in
currency and interest rates; accounting policies, estimates and
developments; legal and regulatory compliance and changes; changes
in government fiscal, monetary and other policies; tax risk and
transparency; modernization of Canadian payment systems; fraud and
criminal activity; human capital; insurance; business continuity;
business infrastructure; emergence of widespread health emergencies
or public health crises; emergence of COVID-19 variants;
environmental and social risks; including climate change; and the
Bank's ability to manage, measure or model operational, regulatory,
legal, strategic or reputational risks, all of which are described
in more detail in the section titled "Risk Appetite and Risk
Management Framework" beginning on page 48 of the 2022 Annual
Report, including the Management's Discussion and Analysis for the
fiscal year ended October 31, 2022,
which information is incorporated by reference herein. The Bank
further cautions that the foregoing list of factors is not
exhaustive. When relying on the Bank's forward-looking statements
to make decisions involving the Bank, investors and others should
carefully consider the foregoing factors, uncertainties, and
current or potential events.
Any forward-looking statements contained herein or incorporated
by reference represent the views of management of the Bank only as
at the date such statements were or are made, are presented for the
purposes of assisting investors, financial analysts, and others in
understanding certain key elements of the Bank's financial
position, current objectives, strategic priorities, expectations
and plans, and in obtaining a better understanding of the Bank's
business and anticipated financial performance and operating
environment and may not be appropriate for other purposes. The Bank
does not undertake any obligation to update any forward-looking
statements made by the Bank or on its behalf whether as a result of
new information, future events or otherwise, except to the extent
required by applicable securities regulations and laws. Additional
information relating to the Bank can be located on SEDAR at
www.sedar.com.
Access to Quarterly Results Materials
This press release can be found on the Bank's website at
www.lbcfg.ca, under the Press Room tab, and the Bank's Report to
Shareholders, Investor Presentation and Supplementary Financial
Information under the Investor Centre tab, Financial Results.
Conference Call
Laurentian Bank of Canada
invites media representatives and the public to listen to the
conference call to be held at 9:00 a.m. (ET) on June 1,
2023. The live, listen-only, toll-free, call-in number is
1-888-664-6392, code 81520025. A live webcast will also be
available on the Group's website under the Investor Centre tab,
Financial Results.
The conference call playback will be available on a delayed
basis from 12:00 p.m. (ET) on
June 1, 2023, until 12:00 p.m. (ET) on July 1, 2023, on our website under the Investor
Centre tab, Financial Results.
The presentation material referenced during the call will be
available on our website under the Investor Centre tab, Financial
Results.
About Laurentian Bank of Canada
At Laurentian Bank, we believe we can change banking for the
better. By seeing beyond numbers.
Founded in Montréal in 1846, Laurentian Bank helps families,
businesses and communities thrive. Today, we have approximately
3,000 employees working together as one team, to provide a broad
range of financial services and advice-based solutions for
customers across Canada and
the United States. We protect,
manage and grow $50.7 billion in
balance sheet assets and $27.7 billion in assets under
administration.
We drive results by placing our customers first, making the
better choice, acting courageously, and believing everyone
belongs.
SOURCE Laurentian Bank of Canada