The financial
information reported herein is based on the condensed interim
consolidated (unaudited) information for the three-month period
ended July 31, 2024 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, Aug. 30,
2024 /CNW/ - Laurentian Bank of Canada reported net income of $34.1 million and diluted earnings per share of
$0.67 for the third quarter of 2024,
compared with net income of $49.3
million and diluted earnings per share of $1.03 for the third quarter of 2023. Return on
common shareholders' equity was 4.7% for the third quarter of 2024,
compared with 6.9% for the third quarter of 2023. Adjusted net
income(1) was $43.1 million and adjusted diluted earnings
per share(2) were $0.88
for the third quarter of 2024, compared with $57.6 million and $1.22 for the third quarter of 2023. Adjusted
return on common shareholders' equity(2) was 6.2% for
the third quarter of 2024, compared with 8.2% a year ago.
For the nine months ended July 31,
2024, net loss was $46.2
million and diluted loss per share was $1.29, compared with net income of $150.5 million and diluted earnings per share of
$3.22 for the nine months ended
July 31, 2023. Return on common
shareholders' equity was a negative 3.0% for the nine months ended
July 31, 2024, compared with 7.4% for
the nine months ended July 31, 2023.
Of note, reported results for the nine months ended July 31, 2024 included impairment and
restructuring charges of $212.0 million ($166.8 million after income taxes), or
$3.81 per share, related to the
restructuring of the Bank's operations and to the impairment of the
Personal & Commercial (P&C) Banking segment recorded in the
second quarter of 2024. Refer to the Non-GAAP Financial and Other
Measures section for further details. Adjusted net
income(1) was $127.7 million and adjusted diluted earnings
per share(2) were $2.68
for the nine months ended July 31,
2024, compared with $163.6
million and $3.53 for the nine
months ended July 31, 2023. Adjusted
return on common shareholders' equity(2) was 6.1% for
the nine months ended July 31, 2024,
compared with 8.1% a year ago.
"Since the introduction of our strategic plan, we are
progressing on our priorities, including a review of customer
experience roles and the simplification of our organisation. Our
focus remains on leveraging our specializations and investing in
technology to strengthen our foundation," said Éric Provost,
President & CEO. "Despite macroeconomic challenges, our strong
capital position and strategic investments are setting the stage
for future growth. We are committed to executing our plan and
creating an efficient organization that fosters long-term value and
benefits for our customers and all stakeholders."
|
For the three months
ended
|
|
For the nine months
ended
|
In millions of dollars,
except per share and percentage
amounts (Unaudited)
|
July 31,
2024
|
|
July 31,
2023
|
|
Variance
|
|
July 31,
2024
|
|
July 31,
2023
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
basis
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
34.1
|
|
$
49.3
|
|
(31) %
|
|
$
(46.2)
|
|
$ 150.5
|
|
(131) %
|
Diluted earnings
(loss) per share
|
$
0.67
|
|
$
1.03
|
|
(35) %
|
|
$
(1.29)
|
|
$
3.22
|
|
(140) %
|
Return on common
shareholders' equity(2)(3)
|
4.7 %
|
|
6.9 %
|
|
|
|
(3.0) %
|
|
7.4 %
|
|
|
Efficiency
ratio(4)
|
78.1 %
|
|
72.9 %
|
|
|
|
102.2 %
|
|
71.5 %
|
|
|
Common Equity Tier 1
(CET1) capital ratio(5)
|
10.9 %
|
|
9.8 %
|
|
|
|
10.9 %
|
|
9.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
basis
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income(1)
|
$
43.1
|
|
$
57.6
|
|
(25) %
|
|
$
127.7
|
|
$ 163.6
|
|
(22) %
|
Adjusted diluted
earnings per share(2)
|
$
0.88
|
|
$
1.22
|
|
(28) %
|
|
$
2.68
|
|
$
3.53
|
|
(24) %
|
Adjusted return on
common shareholders' equity(2)(3)
|
6.2 %
|
|
8.2 %
|
|
|
|
6.1 %
|
|
8.1 %
|
|
|
Adjusted efficiency
ratio(2)
|
73.3 %
|
|
68.5 %
|
|
|
|
73.4 %
|
|
69.2 %
|
|
|
(1)
|
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
Third Quarter 2024 Report to Shareholders, including the MD&A
for the period ended July 31, 2024, which pages are incorporated by
reference herein.
|
(2)
|
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 Third
Quarter 2024 Report to Shareholders, including the Management's
Discussion and Analysis (MD&A) for the period ended July 31,
2024, which pages are incorporated by reference herein. The
MD&A is available on SEDAR+ at www.sedarplus.ca.
|
(3)
|
Effective November 1,
2023, the Bank retrospectively adopted IFRS 17, Insurance
contracts, which required restatement of the Bank's 2023
comparative information and financial measures. Refer to
Note 2 in the Condensed Interim Consolidated Financial
Statements for further information.
|
(4)
|
This is a supplementary
financial measure. For more information, refer to the Non-GAAP
Financial below and beginning on page 5 of the Third Quarter 2024
Report to Shareholders, including the MD&A for the period ended
July 31, 2024, which pages are incorporated by reference
herein.
|
(5)
|
In accordance with the
Office of the Superintendent of Financial Institutions' (OSFI)
"Capital Adequacy Requirements" guideline.
|
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 nine months
ended
|
In thousands of dollars
(Unaudited)
|
July 31
2024
|
|
April 30
2024
|
|
July 31
2023
|
|
July 31
2024
|
|
July 31
2023
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
$
200,239
|
|
$ 386,341
|
|
$ 190,062
|
|
$
784,414
|
|
$ 556,209
|
|
|
|
|
|
|
|
|
|
|
Less: Adjusting items,
before income taxes
|
|
|
|
|
|
|
|
|
|
P&C Banking segment
impairment charges(1)
|
—
|
|
155,933
|
|
—
|
|
155,933
|
|
—
|
Restructuring and other
impairment charges(2)
|
9,112
|
|
40,832
|
|
5,626
|
|
56,020
|
|
5,626
|
Strategic
review-related charges(3)
|
—
|
|
—
|
|
2,567
|
|
—
|
|
2,567
|
Amortization of
acquisition-related intangible assets(4)
|
3,007
|
|
3,229
|
|
3,178
|
|
9,453
|
|
9,609
|
|
12,119
|
|
199,994
|
|
11,371
|
|
221,406
|
|
17,802
|
Adjusted
non-interest expenses
|
$
188,120
|
|
$ 186,347
|
|
$ 178,691
|
|
$
563,008
|
|
$ 538,407
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
39,981
|
|
$
(151,678)
|
|
$
57,431
|
|
$
(68,088)
|
|
$ 176,918
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, before
income taxes (detailed above)
|
12,119
|
|
199,994
|
|
11,371
|
|
221,406
|
|
17,802
|
Adjusted income
before income taxes
|
$
52,100
|
|
$
48,316
|
|
$
68,802
|
|
$
153,318
|
|
$ 194,720
|
|
|
|
|
|
|
|
|
|
|
Reported net income
(loss)
|
$
34,104
|
|
$
(117,547)
|
|
$
49,263
|
|
$
(46,160)
|
|
$ 150,464
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, net of
income taxes
|
|
|
|
|
|
|
|
|
|
P&C Banking segment
impairment charges(1)
|
—
|
|
125,629
|
|
—
|
|
125,629
|
|
—
|
Restructuring and other
impairment charges(2)
|
6,700
|
|
30,020
|
|
4,135
|
|
41,188
|
|
4,135
|
Strategic
review-related charges(3)
|
—
|
|
—
|
|
1,887
|
|
—
|
|
1,887
|
Amortization of
acquisition-related intangible assets(4)
|
2,248
|
|
2,410
|
|
2,361
|
|
7,060
|
|
7,140
|
|
8,948
|
|
158,059
|
|
8,383
|
|
173,877
|
|
13,162
|
Adjusted net
income
|
$
43,052
|
|
$
40,512
|
|
$
57,646
|
|
$
127,717
|
|
$ 163,626
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
29,503
|
|
$
(118,835)
|
|
$
44,662
|
|
$
(56,650)
|
|
$ 139,974
|
|
|
|
|
|
|
|
|
|
|
Adjusting items, net of
income taxes (detailed above)
|
8,948
|
|
158,059
|
|
8,383
|
|
173,877
|
|
13,162
|
Adjusted net income
available to common shareholders
|
$
38,451
|
|
$
39,224
|
|
$
53,045
|
|
$
117,227
|
|
$ 153,136
|
(1)
|
The Personal and
Commercial (P&C) Banking segment impairment charges related to
the impairment of the P&C Banking segment as part of the
goodwill impairment test performed as at April 30, 2024. For more
information, refer to the Business Highlights section beginning on
page 7 of the Third Quarter 2024 Report to Shareholders, including
the MD&A for the period ended July 31, 2024, which pages
are incorporated by reference herein.
|
(2)
|
Restructuring and other
impairment charges mainly resulted from the Bank's decision to
suspend the Advanced Internal-Ratings Based (AIRB) approach to
credit risk project and to reduce its leased corporate office
premises in Toronto, as well as from the simplification of the
Bank's organizational structure and headcount reduction.
Restructuring and other impairment charges mainly comprised of
impairment charges, severance charges and professional fees and are
included in the Impairment and restructuring charges line item. For
more information, refer to the Business Highlights section
beginning on page 7 of the Third Quarter 2024 Report to
Shareholders, including the MD&A for the period ended
July 31, 2024, which pages are incorporated by reference
herein.
|
(3)
|
In the third quarter of
2023, strategic review-related charges resulted from the Bank's
review of strategic options to maximize shareholder and stakeholder
value and mainly included professional fees. Strategic
review-related charges were included in the Impairment and
restructuring charges line-item.
|
(4)
|
Amortization of
acquisition-related intangible assets results from business
acquisitions and is included in the Other non-interest expenses
line item.
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
— CONSOLIDATED BALANCE SHEET
|
For the three months
ended
|
|
For the nine months
ended
|
In thousands of dollars
(Unaudited)
|
July 31
2024
|
|
April 30
2024
|
|
July 31
2023
|
|
July 31
2024
|
|
July 31
2023
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity(1)
|
$
2,793,805
|
|
$
2,744,758
|
|
$
2,820,700
|
|
$
2,793,805
|
|
$
2,820,700
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Preferred
shares
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
|
(122,071)
|
Limited recourse
capital notes
|
(122,732)
|
|
(123,487)
|
|
(123,487)
|
|
(122,732)
|
|
(123,487)
|
Cash flow hedge
reserve(2)
|
(46,555)
|
|
(9,140)
|
|
7,328
|
|
(46,555)
|
|
7,328
|
Common shareholders'
equity(1)
|
$
2,502,447
|
|
$
2,490,060
|
|
$
2,582,470
|
|
$
2,502,447
|
|
$
2,582,470
|
|
|
|
|
|
|
|
|
|
|
Impact of averaging
month-end balances(3)
|
(19,340)
|
|
104,149
|
|
(14,911)
|
|
59,015
|
|
(39,028)
|
Average common
shareholders' equity(1)
|
$
2,483,107
|
|
$
2,594,209
|
|
$
2,567,559
|
|
$
2,561,462
|
|
$
2,543,442
|
(1)
|
Effective November 1,
2023, the Bank retrospectively adopted IFRS 17, Insurance
contracts, which required restatement of the Bank's 2023
comparative information and financial measures. Refer to
Note 2 in the Condensed Interim Consolidated Financial
Statements for further information.
|
(2)
|
The cash flow hedge
reserve is presented in the Accumulated other comprehensive income
line item.
|
(3)
|
Based on the month-end
balances for the period.
|
Business Highlights
Sale of Assets Under Administration of Laurentian Bank
Securities (LBS)
The two transactions described below underscore the Bank's
strategic focus on simplification, in line with its strategic plan
to concentrate on areas of business where it can win and be more
competitive.
Sale of assets under administration of LBS' retail
full-service investment broker division to iA Private Wealth Inc
(iAPW)
On August 2, 2024, the Bank
completed the sale of assets under administration of LBS' retail
full-service investment broker division to iAPW, a wholly owned
subsidiary of Industrial Alliance Insurance and Financial Services
Inc. ("iA Financial Group"), as initially announced on April 4, 2024.
This transaction includes the transfer of more than $2 billion in assets under administration from
LBS to iAPW. The Bank expects to record net proceeds from the
transaction of approximately $12
million ($10 million after
income taxes) in fiscal 2024, mostly in the fourth quarter.
Sale of assets under administration of LBS' discount
brokerage division to CI Investment Services Inc (CIIS)
On August 12, 2024, the Bank
announced that it has entered into an agreement to sell assets
under administration of LBS' discount brokerage division to CIIS, a
wholly owned subsidiary of CI Financial Corp.
The transaction includes the transfer of approximately
$250 million in assets under
administration from LBS to CI Direct Trading, an online investment
platform for self-directed investors and a division of CIIS.
Subject to regulatory approvals, the transaction is expected to
close before the end of the calendar year. The net proceeds from
this transaction are not anticipated to have a material impact on
the Bank's financial position.
Consolidated Results
Three months ended July 31,
2024 financial performance
Net income was $34.1 million and
diluted earnings per share were $0.67
for the third quarter of 2024, compared with net income of
$49.3 million and diluted
earnings per share of $1.03 for
the third quarter of 2023. Adjusted net income was $43.1 million and adjusted diluted earnings
per share were $0.88 for the third
quarter of 2024, compared with $57.6 million and $1.22 for the third quarter of 2023.
Total revenue
Total revenue decreased by $4.3 million to $256.5 million for the third quarter of 2024,
compared with $260.8 million for the
third quarter of 2023.
Net interest income decreased by $11.4 million to $180.8
million for the third quarter of 2024, compared with
$192.1 million for the third
quarter of 2023. The decrease was mainly due to lower net interest
income from lower commercial loan volumes. The net interest margin
was 1.79% for the third quarter of 2024 a decrease of 5 basis
points compared with the third quarter of 2023, mainly due to lower
commercial loan volumes.
Other income increased by $7.0
million or 10% to $75.7
million for the third quarter of 2024, compared with
$68.7 million for the third quarter
of 2023, mostly due to higher income from financial instruments in
the third quarter of 2024, partly offset by lower lending fees due
to tempered commercial real estate activity.
Provision for credit losses
The provision for credit losses was $16.3
million for the third quarter of 2024, compared with
$13.3 million for the third quarter
of 2023, an increase of $2.9 million mainly as a result of higher
provisions on impaired loans due to credit migration, partly offset
by a release of provisions on performing loans. The provision for
credit losses as a percentage of average loans and acceptances was
18 basis points for the quarter, compared with 14 basis
points for the same quarter a year ago. Refer to the
"Credit risk management" section on pages 15 to 17 of the Bank's
MD&A for the third quarter of 2024 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 $200.2
million for the third quarter of 2024, an increase of
$10.2 million compared with the third
quarter of 2023. Adjusted non-interest expenses increased by
$9.4 million or 5% to
$188.1 million for the third quarter
of 2024, compared with $178.7 million for the third quarter of
2023.
Salaries and employee benefits amounted to
$99.7 million for the third quarter
of 2024, relatively aligned compared with the third quarter of
2023.
Premises and technology costs were $51.2 million for the third quarter of 2024, an
increase of $2.0 million compared
with the third quarter of 2023. The increase year-over-year is
mainly due to higher technology costs as the Bank is investing in
its infrastructure and strategic priorities, partly offset by lower
amortization charges and rent expenses resulting from the
impairment effected in the second quarter of 2024.
Other non-interest expenses were $40.2 million for the third quarter of 2024, an
increase of $6.2 million compared
with the third quarter of 2023 mainly resulting from higher
regulatory expenses and other costs related to various compliance
projects, as well as higher professional fees to support the Bank's
strategic priorities.
Impairment and restructuring charges were
$9.1 million for the third quarter of
2024, compared with $8.2 million for
the third quarter of 2023. In the third quarter of 2024
restructuring charges of $9.1 million
related to the simplification of the Bank's organizational
structure and headcount reduction. In the third quarter of 2023,
this line-item included restructuring charges of $5.5 million resulting from the right-sizing of
the Bank's Capital Markets franchise, as well as charges of
$2.7 million resulting from the
Bank's review of strategic options.
Efficiency ratio
The efficiency ratio on a reported basis increased to 78.1% for
the third quarter of 2024, compared with 72.9% for the third
quarter of 2023, mainly as a result of lower revenues and higher
non-interest expenses as described above. The adjusted efficiency
ratio increased to 73.3% for the third quarter of 2024, compared to
68.5% for the third quarter of 2023, mainly for the same
reasons.
Income taxes
For the third quarter of 2024, the income tax expense was
$5.9 million, and the effective
income tax rate was 14.7%. For the third quarter of 2023, the
income tax expense was $8.2 million,
and the effective income tax rate was 14.2%. For both quarters, the
lower effective income tax rate compared to the statutory income
tax rate was mainly attributed to the lower taxation level of
income from foreign operations, as well as from the favourable
effect of the interest paid semi-annually on the limited recourse
capital notes.
Financial Condition
As at July 31, 2024, total assets amounted to $47.5 billion, a 5% decrease compared with
$49.9 billion as at October 31,
2023 mostly due to the lower level of loans.
Liquid assets
As at July 31, 2024, liquid assets as presented on the
balance sheet amounted to $11.3
billion, a decrease of $0.1
billion compared with $11.4
billion as at October 31, 2023. 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 24% of total
assets as at July 31, 2024, compared with 23% as at
October 31, 2023.
Loans
Loans and bankers' acceptances, net of allowances, stood at
$34.9 billion as at
July 31, 2024, a decrease of $2.0 billion since October 31, 2023.
Commercial loans and acceptances amounted to $16.5 billion as at July 31, 2024, a
decrease of $1.3 billion or 7%
since October 31, 2023 mainly resulting from lower real estate
and inventory financing commercial loans. Personal loans of
$2.2 billion as at July 31,
2024 decreased by $0.4 billion
from October 31, 2023, mainly as a result of a decline in the
investment loan portfolio driven by volatile market conditions and
higher interest rates. Residential mortgage loans of $16.4 billion as at July 31, 2024
decreased by $0.3 billion or 2%
from October 31, 2023.
Deposits
Deposits decreased by $2.7 billion to $23.3
billion as at July 31, 2024 compared with $26.0 billion as at October 31, 2023.
Considering the loan volume reductions and an increase of
$0.5 billion of cost-effective
long-term debt related to securitization activities, the Bank
gradually reduced its deposit basis and liquidity position.
Personal deposits stood at $20.1
billion as at July 31, 2024, a decrease of $2.2 billion compared with $22.3 billion as at October 31, 2023.
Of note, personal deposits sourced through the retail channel have
been relatively stable compared with October 31, 2023.
Personal notice and demand deposits from partnerships decreased by
$1.2 billion since
October 31, 2023, and deposits from advisors and brokers
decreased by $0.8 billion.
Personal deposits represented 86% of total deposits as at
July 31, 2024, unchanged since October 31, 2023, and
contributed to the Bank's sound liquidity position. Business and
other deposits decreased by $0.5 billion over the same period to
$3.2 billion as at July 31,
2024.
Debt related to securitization activities
Debt related to securitization activities increased by
$0.5 billion or 4% compared with
October 31, 2023 and stood at $13.3 billion as at July 31, 2024.
During the year, new issuances of cost-effective long-term debt
related to securitization activities more than offset maturities of
liabilities, as well as normal repayments.
Shareholders' equity and regulatory capital
Shareholders' equity stood at $2.8
billion as at July 31, 2024 and decreased by
$64.3 million compared with
October 31, 2023. Retained earnings decreased by $116.0 million compared to October 31, 2023,
mainly as a result of the cumulative net loss of $46.2 million and of dividends amounting to
$61.7 million. Accumulated other
comprehensive income increased by $44.7 million compared to October 31,
2023. 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
July 31, 2024.
The Bank's book value per common share was $56.97 as at July 31, 2024 compared to
$59.96 as at October 31,
2023.
The CET1 capital ratio was 10.9% as at July 31, 2024, in
excess of the minimum regulatory requirement and the Bank's target
management levels. The CET1 capital ratio increased by 100 basis
points compared with October 31, 2023, mainly due to the
risk-weighted assets reduction. The Bank met OSFI's capital and
leverage requirements throughout the quarter.
On August 29, 2024, the Board of
Directors declared a quarterly dividend of $0.47 per common share, payable on November 1, 2024, to shareholders of record on
October 1, 2024 This quarterly
dividend is equal to the dividend declared in the previous quarter
and to 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) will make written or
oral forward-looking statements within the meaning of applicable
Canadian and United States
(U.S.) securities legislation, including, forward-looking
statements contained in this document (and in the documents
incorporated by reference herein), as well as in other documents
filed with Canadian and U.S. regulatory authorities, in reports to
shareholders, and in other written or oral communications. These
forward-looking statements are made in accordance with the "safe
harbor" provisions of, and are intended to be forward-looking
statements in accordance with, applicable Canadian and U.S.
securities legislation. They 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, market, and regulatory review and outlook
for Canadian, U.S. 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
heading "Risk Appetite and Risk Management Framework" contained in
the 2023 Annual Report, including, the MD&A for the fiscal year
ended October 31, 2023, and other
statements that are not historical facts .
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 2023 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 general and market economic conditions; inflationary
pressures; the dynamic nature of the financial services industry in
Canada, the U.S., and globally;
risks relating to credit, market, liquidity, funding, insurance,
operational and 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); reputational risks; legal and regulatory
risks; competitive and systemic risks; supply chain disruptions;
geopolitical events and uncertainties; government sanctions;
conflict, war, or terrorism; and various other significant risks
discussed in the risk-related portions of the Bank's 2023 Annual
Report, such as those related to: Canadian and global economic
conditions (including the risk of higher inflation and rising
interest rates); Canadian housing and household indebtedness;
technology, information systems and cybersecurity; technological
disruption, privacy, data and third party related risks;
competition; the Bank's ability to execute on its strategic
objectives; digital disruption and innovation (including, emerging
fintech competitors); changes in government fiscal, monetary and
other policies; tax risk and transparency; fraud and
criminal activity; human capital; business continuity; emergence of
widespread health emergencies or public health crises;
environmental and social risks including, climate change; and
various other significant risks, as described beginning on
page 38 of the 2023 Annual Report, including the MD&A, 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, financial analysts, and others
should carefully consider the foregoing factors, uncertainties, and
current and 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 legislation. Additional
information relating to the Bank can be located on SEDAR+ at
www.sedarplus.ca.
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
August 30, 2024. The live, listen-only, toll-free, call-in
number is 1-888-664-6392, code 34433839. A live webcast will
also be available on the Bank'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
August 30, 2024, until 12:00 p.m. (ET) on October 1, 2024, 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
Founded in Montréal in 1846, Laurentian Bank wants to foster
prosperity for all customers through specialized commercial banking
and low-cost banking services to grow savings for middle-class
Canadians.
With a workforce of approximately 2,800 employees, the Bank
offers a wide range of financial services and advice-based
solutions to customers across Canada and the
United States. Laurentian Bank manages $47.5 billion in balance sheet assets and
$26.9 billion in assets under
administration.
SOURCE Laurentian Bank of Canada