Q3 2024 Laurentian Bank of Canada Earnings Call Transcript
Key Points
- Successfully completed the divestiture of LBS retail full-service brokerage to iA Private Wealth and announced the sale of LBS discount brokerage to CI Investment Services.
- Created a new position focused on customer experience in personal banking to improve and enhance customer interactions.
- Commercial banking saw strong seasonality impact in inventory financing, with a 7% increase in new onboarded dealers year over year.
- Provision for credit losses decreased by 2 basis points quarter over quarter, now standing at 18 basis points.
- Common equity Tier one ratio increased to 10.9% from 10.4% last quarter, reflecting a reduction in loan volume.
- Total revenue was down 2% compared to last year, despite a 2% increase quarter over quarter.
- Net income and diluted EPS decreased by 28% year over year and 2% quarter over quarter.
- Net interest income was down by $11.4 million or 6% year over year, mainly due to lower loan volume.
- Expenses remain elevated due to investments in technology and other strategic priorities, impacting the efficiency ratio.
- Gross impaired loans increased by $175.5 million year over year due to credit migration in commercial loans.
Welcome to the Laurentian Bank quarterly financial results call. Please note that this call is being recorded. I would now like to turn the meeting over to Raphael Ambeault, Head Investor Relations. Please go ahead, Raphael.
(spoken in foreign language)
Good morning and thank you for joining us to the Laurentian Bank 2024 third-quarter result presentation. My name is Raphael Ambeault, and I'm Head of Investor Relations. Today's opening remarks will be delivered by Eric Provost, President and CEO, and a review of the third quarter financial results will be presented by Yvan Deschamps, Executive Vice President and CFO, after which we'll invite questions from the phone.
Also joining us for the question period is Christian De Broux, the Group Executive Vice President and CRO, all documents pertaining to the quarter can be found on our website in the Investor Center.
I'd like to remind you that during this conference call, forward-looking statements may be made and it is
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