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Quadruple earnings in Q3 for Laurentian

Strong retail loan growth is the reason behind the quadruple in third quarter earnings for Laurentian Bank of Canada.

The bank announced net income of $22 million for the three months ended 31st July, in the same quarter in 2006 the figure was $5.8 million.

According to Reuters, the retail financial services arm of its business saw a 45 per cent rise in profit to $9.2 million, with the bank saying that it was mostly due to higher revenue from the growth in loans and deposits.

There was a decrease of 11 per cent in profits in the commercial banking sector of the business.

Profit in the bank's B2B Trust unit grew from $6.4 to $7.7, an increase of 20 per cent.

The bank's equity return was also strong, rising from 7.3 per cent to 9.9 per cent.

The sharp increase in profit was partly due to an unfavourable tax adjustment for the quarter.

Laurentian, based in Montreal, is Canada's eighth largest bank.