|The financial information reported herein is based on the condensed interim consolidated (unaudited) information for the three-month period ended April�30, 2022, 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 01, 2022 (GLOBE NEWSWIRE) -- Laurentian Bank of Canada reported net income of $59.5 million and diluted earnings per share of $1.34 for the second quarter of 2022, compared with $53.1 million and $1.15 for the second quarter of 2021. Return on common shareholders' equity was 10.0% for the second quarter of 2022, compared with 8.6% for the second quarter of 2021. Adjusted net income was $61.6�million and adjusted diluted earnings per share were $1.39 for the second quarter of 2022, up from $56.7�million and $1.23 for the second quarter of 2021. Adjusted return on common shareholders' equity was 10.3% for the second quarter of 2022, compared with 9.2% a year ago.
For the six months ended April 30, 2022, reported net income was $115.1 million and diluted earnings per share were $2.51, compared with $97.9 million and $2.11 for the six months ended April 30, 2021. Return on common shareholders' equity was 9.2% for the six months ended April 30, 2022, compared with 7.8% for the six months ended April 30, 2021. Adjusted net income was $121.1 million and adjusted diluted earnings per share were $2.65 for the six months ended April 30, 2022, up from $104.3 million and $2.26 for the six months ended April 30, 2021. Adjusted return on common shareholders' equity was 9.7% for the six months ended April 30, 2022, compared with 8.4% for the same period a year ago.
�This was the Bank�s most profitable quarter since 2018, driven by top line revenue growth and fueled by strong performances in Commercial Banking and Capital Markets, and our continued focus on cost management,� said Rania Llewellyn, President & CEO. �Looking forward, we will continue to be focused on execution, including initiatives that drive customer acquisition, such as the delivery of our reimagined VISA experience, streamlined digital onboarding and the rollout of our new public website. Our One Winning Team is empowered and engaged as we continue to deliver on the Bank�s new strategic plan, and we are confident in our ability to exceed our 2022 financial targets, despite the uncertainties in the market.� �
|�||For the three months ended||�||For the six months ended|
|In millions of dollars, except per share and percentage amounts (Unaudited)||April 30, 2022||�||April 30,|
|�||Variance||�||April 30, 2022||�||April 30,|
|Diluted earnings per share||$||1.34�||�||�||$||1.15�||�||�||17�||%||�||$||2.51�||�||�||$||2.11�||�||�||19�||%|
|Return on common shareholders� equity(2)||�||10.0�||%||�||�||8.6�||%||�||�||�||�||9.2�||%||�||�||7.8�||%||�||�|
|Common Equity Tier 1 capital ratio(4)||�||9.3�||%||�||�||10.1�||%||�||�||�||�||�||�||�||�|
|Adjusted net income(1)||$||61.6�||�||�||$||56.7�||�||�||9�||%||�||$||121.1�||�||�||$||104.3�||�||�||16�||%|
|Adjusted diluted earnings per share(2)||$||1.39�||�||�||$||1.23�||�||�||13�||%||�||$||2.65�||�||�||$||2.26�||�||�||17�||%|
|Adjusted return on common shareholders� |
|Adjusted efficiency ratio(2)||�||65.2�||%||�||�||69.9�||%||�||�||�||�||66.1�||%||�||�||69.4�||%||�||�|
(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 Second Quarter 2022 Report to Shareholders, including the Management's Discussion and Analysis (MD&A) as at and for the period ended April�30, 2022, which pages are incorporated by reference herein. The MD&A is available on SEDAR at www.sedar.com
(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 Second Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended April�30, 2022, which pages are incorporated by reference herein.
(3) 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 2022 Report to Shareholders, including the MD&A as at and for the period ended April�30, 2022, which pages are incorporated by reference herein.
(4) In accordance with OSFI's �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 six months ended|
|In thousands of dollars, except per share amounts (Unaudited)|| April 30,|
|�|| April 30,|
|Adjusting items, before income taxes||�||�||�||�||�||�||�||�||�|
|Strategic review-related charges(1)||�||(277||)||�||�||��������2,342��������||�||�||�����������������||�||�||��������2,065��������||�||�||�����������������|
|Amortization of acquisition-related intangible assets(3)||�||3,030||�||�||�||��������3,028��������||�||�||��������3,014��������||�||�||��������6,058��������||�||�||��������6,087��������|
|Adjusted non-interest expenses||$||169,352||�||�||$||��������172,560��������||�||$||��������174,657��������||�||$||��������341,912��������||�||$||��������345,026��������|
|Income before income taxes||$||74,497||�||�||$||��������70,209��������||�||$||��������67,807��������||�||$||��������144,706��������||�||$||��������124,318��������|
|Adjusting items impacting non-interest expenses (detailed above)||�||2,753||�||�||�||��������5,370��������||�||�||��������4,904��������||�||�||��������8,123��������||�||�||��������8,598��������|
|Adjusted income before income taxes||$||77,250||�||�||$||��������75,579��������||�||$||��������72,711��������||�||$||��������152,829��������||�||$||��������132,916��������|
|Reported net income||$||59,549||�||�||$||��������55,518��������||�||$||��������53,062��������||�||$||��������115,067��������||�||$||��������97,881��������|
|Adjusting items, net of income taxes||�||�||�||�||�||�||�||�||�|
|Strategic review-related charges(1)||�||��������(203||)||�||�||��������1,721��������||�||�||�����������������||�||�||��������1,518��������||�||�||�����������������|
|Amortization of acquisition-related intangible assets(3)||�||2,254||�||�||�||��������2,252��������||�||�||��������2,252��������||�||�||��������4,506��������||�||�||��������4,548��������|
|Adjusted net income||$||61,600||�||�||$||��������59,491��������||�||$||��������56,704��������||�||$||��������121,091��������||�||$||��������104,276��������|
|Net income available to common shareholders||$||58,261||�||�||$||��������50,917��������||�||$||��������49,946��������||�||$||��������109,178��������||�||$||��������91,648��������|
|Adjusting items, net of income taxes (detailed above)||�||2,051||�||�||�||��������3,973��������||�||�||��������3,642��������||�||�||��������6,024��������||�||�||��������6,395��������|
|Adjusted net income available to common shareholders||$||60,312||�||�||$||��������54,890��������||�||$||��������53,588��������||�||$||��������115,202��������||�||$||��������98,043��������|
(1) The strategic review-related charges relate to the renewed strategic direction for the Bank. Strategic review-related charges are included in the Impairment and restructuring charges line-item and, in the fourth quarter of 2021, included impairment charges, severance charges and charges related to lease and other contracts. In the first and second quarters of 2022, charges (reversals) related to lease contracts reflected the completion of the reduction of leased corporate office premises in Toronto and updates to estimates initially recorded in the fourth quarter of 2021.
(2) Restructuring charges mainly consisted of charges associated with the optimization of the branch network and the related streamlining of certain back-office and corporate functions, as well as to the resolution of the union grievances and complaints in 2021. Restructuring charges were included in the Impairment and restructuring charges line-item and included severance charges, salaries, legal fees, communication expenses, professional fees and charges related to lease contracts.
(3) Amortization of acquisition-related intangible assets results from business acquisitions and is included in the Non-interest expenses line item.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES � CONSOLIDATED BALANCE SHEET
|�||For the three months ended||�||For the six months ended|
|In thousands of dollars, except per share amounts (Unaudited)|| April 30,|
|�|| April 30,|
|Limited recourse capital notes||�||(121,581||)||�||�||(121,315||)||�||�||�||�||�||�||(121,581||)||�||�||�||�|
|Cash flow hedges reserve(1)||�||(27,621||)||�||�||(35,591||)||�||�||(53,147||)||�||�||(27,621||)||�||�||(42,095||)|
|Common shareholders' equity||$||2,418,072||�||�||$||2,380,863||�||�||$||2,404,355||�||�||$||2,418,072||�||�||$||2,404,355||�|
|Impact of averaging month-end balances(2)||�||(26,717||)||�||�||(5,486||)||�||�||(26,738||)||�||�||(34,839||)||�||�||(47,378||)|
|Average common shareholders' equity||$||2,391,355||�||�||$||2,375,377||�||�||$||2,377,617||�||�||$||2,383,233||�||�||$||2,356,977||�|
(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.
Three months ended April 30, 2022 financial performance
Net income was $59.5 million and diluted earnings per share were $1.34 for the second quarter of 2022, compared with net income of $53.1�million and diluted earnings per share of $1.15�for the second quarter of 2021. Adjusted net income was $61.6�million for the second quarter of 2022, up from $56.7�million for the second quarter of 2021, and adjusted diluted earnings per share were $1.39, compared with $1.23 for the second quarter of 2021. Net income available to common shareholders included the quarterly dividend declared on the Preferred Shares Series 13 in the second quarter of 2022, whereas, in the second quarter of 2021, it included dividends declared on the Preferred Shares Series 13 and on the Preferred Shares Series 15 redeemed in June 2021.
Total revenue of $259.6 million for the second quarter of 2022 increased by 4% compared with $249.8 million for the second quarter of 2021.
Net interest income increased by $8.6�million or 5% to $180.1 million for the second quarter of 2022, compared with $171.5�million for the second quarter of 2021. The increase was mainly due to higher interest income stemming from commercial loans, partly offset by a lower contribution from personal and residential mortgage loans and higher funding costs. The net interest margin was 1.87% for the second quarter of 2022, an increase of 1 basis point compared with the second quarter of 2021, mainly for the same reasons.
Other income increased by $1.2 million or 2% to $79.5 million for the second quarter of 2022, compared with $78.3�million for the second quarter of 2021. The increase was mainly due to higher income from financial instruments compared with the second quarter of 2021, partly offset by lower fees and securities brokerage commissions, which remain strong.
Provision for credit losses
The provision for credit losses was $13.0 million for the second quarter of 2022 compared with $2.4 million for the second quarter of 2021, an increase of $10.6�million, mainly as a result of releases of allowances on performing loans recorded in fiscal 2021. The impact of the adverse-shift in forward-looking economic scenarios and respective probability weights also contributed to the increase. The provision for credit losses as a percentage of average loans and acceptances stood at 15 bps for the quarter, compared to 3 bps for the same quarter a year ago.
The provision for credit losses on performing loans was $7.5 million for the second quarter of 2022 compared with a recovery of $9.9 million for the second quarter of 2021, mainly reflecting higher provisions on the commercial loan portfolio. The provision for credit losses on impaired loans was $5.5 million for the second quarter of 2022 and decreased by $6.9 million, due to lower provisions in the commercial and residential mortgage loan portfolios.
Refer to the �Credit risk management� section on pages 15 to 17 of the Bank's MD&A for the quarter ended April 30, 2022 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 amounted to $172.1 million for the second quarter of 2022, a decrease of $7.5 million or 4% compared with the second quarter of 2021. Adjusted non-interest expenses amounted to $169.4 million for the second quarter of 2022, a decrease of $5.3�million or 3% compared with the second quarter of 2021.
Salaries and employee benefits amounted to $98.8 million for the second quarter of 2022, an increase of $1.3 million compared with the second quarter of 2021 mostly due to regular salary increases and the higher level of performance-based compensation related to the Bank's improved performance, partly offset by lower employee benefit costs.
Premises and technology costs were $43.7 million for the second quarter of 2022, a decrease of $6.2 million compared with the second quarter of 2021. The decrease mostly stems from lower amortization charges and rent expenses resulting from the strategic review and the impairment effected in the fourth quarter of 2021.
Other non-interest expenses were $29.9 million for the second quarter of 2022, a decrease of $0.4 million compared with the second quarter of 2021, mainly resulting from continued cost discipline.
Impairment and restructuring charges were negative $0.3�million for the second quarter of 2022, compared with the $2.2�million for the second quarter of 2021. In the second quarter of 2022, in line with its future of work plans, the Bank updated its assumptions related to the reduction of its leased corporate office premises, which required a favourable adjustment to the provisions initially recorded in the fourth quarter of 2021. In the second quarter of 2021, restructuring charges mainly included fees for legal and professional services, as well as a severance recovery.
The efficiency ratio on a reported basis was 66.3% for the second quarter of 2022, compared with 71.9% for the second quarter of 2021 and the adjusted efficiency ratio was 65.2% for the second quarter of 2022, compared to 69.9% for the second quarter of 2021. These improvements were a result of an increase in total revenue and a decrease in both reported and adjusted non-interest expenses year-over-year.
For the quarter ended April 30, 2022, income taxes were $14.9 million, and the effective tax rate was 20.1%. 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. For the quarter ended April 30, 2021, the income tax expense was $14.7�million, and the effective tax rate was�21.7%.
As at April�30, 2022, total assets amounted to $48.3 billion, a 7% increase from $45.1 billion as at October�31, 2021, due to the higher level of both loans and liquid assets.
Liquid assets(1) consist of cash, deposits with banks, securities and securities purchased under reverse repurchase agreements. As at April�30, 2022, these assets amounted to $11.2 billion, an increase of $1.2 billion compared with $9.9 billion as at October�31, 2021.
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, 2022, in line with October�31, 2021.
Loans and bankers� acceptances, net of allowances, stood at $35.6�billion as at April�30, 2022, an increase of $2.2�billion or 7% since October�31, 2021. During the first half of 2022, strong commercial loan growth was partly offset by a decrease in personal and residential mortgage loans.
Commercial loans and acceptances amounted to $16.7 billion as at April�30, 2022, an increase of $2.6 billion or 18% since October�31, 2021. Inventory financing volumes increased by $1.6 billion in the first half of 2022, due to organic growth in net new dealers and higher costs of goods driven by high consumer demand. Growth in real estate lending also contributed to the increase.
Personal loans of $3.5 billion as at April�30, 2022 decreased by $0.2�billion October�31, 2021, mainly as a result of the continued decline in the investment loan portfolio.
Residential mortgage loans of $15.7 billion as at April�30, 2022 decreased by $0.2 billion or 1% from October�31, 2021. Compared with the prior quarter ended January�31, 2022, residential mortgage loans were up $0.2 billion or 1%. As part of its plan to renew growth in residential mortgage loans, the Bank completed an end-to-end review for both the broker and branch channel mortgage processes and identified improvements and opportunities for harmonization and simplification. These are expected to gradually yield benefits and further contribute to stabilize loan levels.
(1) 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 2022 Report to Shareholders, including the MD&A as at and for the period ended April�30, 2022, which pages are incorporated by reference herein.
Deposits increased by $2.3 billion or 10% to $25.2 billion as at April�30, 2022 compared with $23.0 billion as at October�31, 2021, in line with loan growth. Personal deposits stood at $19.8�billion as at April�30, 2022, up $1.6 billion compared with October�31, 2021 mostly due to deepening and expanding relationships with advisors and brokers which led to higher personal notice and demand deposits, as well as term deposits.
Personal deposits represented 78% of total deposits as at April�30, 2022, in line with October�31, 2021, and contributed to the Bank's good liquidity position.
Business and other deposits increased by $0.6 billion over the same period to $5.5 billion, due to an increase in wholesale funding which included a $300.0�million issuance of covered bonds.
Subordinated debt stood at $685.4�million as at April�30, 2022, compared with $349.8�million as at October�31, 2021, due to a $350.0�million notes issuance.
Debt related to securitization activities
Debt related to securitization activities increased by $0.5�billion or 5% compared with October�31, 2021 and stood at $11.8�billion as at April�30, 2022. Since the beginning of the year, mortgage loan securitization through the CMHC programs, supplemented by other secured funding, more than offset maturities of liabilities related to the Canada Mortgage Bond program, as well as normal repayments.
Shareholders� equity and regulatory capital
Shareholders� equity amounted to $2,689.3 million as at April�30, 2022, compared with $2,640.9 million as at October�31, 2021.
Compared to October�31, 2021, retained earnings increased by $63.7 million, mainly as a result of the net income contribution of $115.1 million, partly offset by dividends. The Bank also repurchased 401,200 common shares under its Normal Course Issuer Bid, which reduced common shares by $10.8 million and retained earnings by $6.4 million in the first half of 2022. For additional information, please refer to the Capital Management section of the Bank's MD&A as at and for the period ended April�30, 2022 and to the Consolidated Statement of Changes in Shareholders' Equity.
The Bank�s book value per common share was $55.94 as at April�30, 2022 compared to $53.99 as at October�31, 2021.
The Common Equity Tier 1 capital ratio stood at 9.3% as at April�30, 2022, compared with 10.2% as at October�31, 2021, in excess of the minimum regulatory requirement and the Bank's target management levels. The decrease compared with October 31, 2021 mainly results from growth in risk-weighted assets, partly offset by internal capital generation. This level of capital provides the necessary flexibility to support the Bank's strategic plan.
On May�31, 2022, the Board of Directors declared a quarterly dividend of $0.45 per common share, payable on August�1, 2022 to shareholders of record on July�4, 2022. This quarterly dividend increased by 2% compared with the dividend declared in the previous quarter and 13% 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 no discount.
Caution Regarding Forward-Looking Statements
From time to time, Laurentian Bank of Canada (the �Bank�) will make written or oral forward-looking statements within the meaning of applicable securities legislation, including such as those contained in this document (and in the documents incorporated by reference herein), and in other documents filed with Canadian regulatory authorities, in reports to shareholders, and in other written or oral communications. These forward-looking statements are made in accordance with, and are intended to be forward-looking statements under, current securities legislation in Canada. 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 and market review and outlook for Canadian, United States (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 anticipated ongoing and potential impact of the coronavirus (COVID-19) pandemic on the Bank�s operations, earnings, financial results and financial performance, condition, objectives, and on the global economy and financial markets conditions; the statements under the headings �Outlook�, �Impact of COVID-19 Pandemic� and �Risk Appetite and Risk Management Framework� contained in the Bank's 2021 Annual Report for the year ended October 31, 2021 (the �2021 Annual Report�), including the Management�s Discussion and Analysis for the fiscal year ended October 31, 2021; 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 us 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 the forward-looking statements contained in this document are set out in the 2021 Annual Report under the heading �Outlook�, which assumptions are incorporated by reference herein.
We caution readers against placing undue reliance on forward-looking statements, as a number of risk 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 risk factors include, but are not limited to, risks relating to: credit; market; liquidity and funding; insurance; operational; regulatory compliance (which could lead to us 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; and other significant risks discussed in the risk-related portions of the Bank's 2021 Annual Report, such as those related to: the ongoing and potential impacts of the COVID-19 pandemic on the Bank, the Bank's business, financial condition and prospects; Canadian and global economic conditions (including the risk of higher inflation); 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 (including the possibility of negative 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; development and use of �vaccine passports�; environmental and social risk; and 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 50 of the 2021 Annual Report, including the Management�s Discussion and Analysis for the fiscal year ended October 31, 2021.
We further caution that the foregoing list of factors is not exhaustive. Additional risks, events, and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on the Bank's financial position, financial performance, cash flows, business or reputation. 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 and potential events.
The forward-looking information contained in this document presented for the purpose of assisting investors, financial analysts, and others in understanding the Bank's financial position and the results of the Bank's operations as at, and for the period ended on, the date presented, as well as the Bank's financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes.
Any forward-looking statements contained in this document represent the views of management only as at the date hereof, are presented for the purposes of assisting investors and others in understanding certain key elements of the Bank�s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Bank�s business and anticipated operating environment and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements , whether oral or written, 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. Additional information relating to the Bank can be located on the SEDAR website at www.sedar.com.�
Access to Quarterly Results Materials
This press release can be found on our website at www.lbcfg.ca, under the Press Room tab, and our Report to Shareholders, Investor Presentation and Supplementary Financial Information under the Investor Centre tab, Financial Results.
Laurentian Bank Financial 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, 2022. The live, listen-only, toll-free, call-in number is 1-800-289-0720, code 7622290. 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, 2022 until 12:00�p.m. (ET) on July 1, 2022, 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.
|Andrew Chornenky||Merick Seguin|
|Vice President, Investor Relations||Senior Manager, Media Relations|
|Mobile: 416 846-4845||Mobile: 514 451-3201|
|[email protected]�||[email protected]�|
About Laurentian Bank of Canada
At Laurentian Bank, we believe we can change banking for the better. By seeing beyond numbers.
Founded in Montr�al in 1846, Laurentian Bank helps families, businesses and communities thrive. Today, we have more than 2,900 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 $48.3 billion in balance sheet assets and $28.7�billion in assets under administration.
We drive results by placing our customers first, making the better choice, acting courageously, and believing everyone belongs.