The Montreal-based bank’s fourth-quarter net income fell 45 per cent year over year to $30.6 million. The company’s earnings were hit with a $5.3-million charge resulting from its mainframe outage in September, along with $15.9 million in costs related to a strategic review and restructuring. (The Logic)
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The Montreal-based bank’s fourth-quarter net income fell 45 per cent year over year to $30.6 million. The company’s earnings were hit with a $5.3-million charge resulting from its mainframe outage in September, along with $15.9 million in costs related to a strategic review and restructuring. (The Logic)
Talking point: The profit decline reflects the challenges ahead for the bank’s new president and CEO Éric Provost. He replaced Rania Llewellyn in October after the bank failed to find a buyer during its strategic review. In the next few months, Laurentian said its leadership team will revamp its strategic plan to renew trust with customers and drive operational efficiency. In a note to investors, National Bank analyst Gabriel Dechaine said, “We believe investors will shy away from the stock as another ‘strategic review’ will be unveiled.” Laurentian’s shares closed down more than four per cent on the Toronto Stock Exchange Thursday.
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