07:36 AM EDT, 05/31/2024 (MT Newswires) -- Laurentian Bank of Canada ( LRCDF ) which is trading near 52-week lows, on Friday reported an adjusted profit beat for its second quarter, but swung to a net loss after taking a hit for restructuring and impairment charges.

Adjusted profit, which excludes most one-time items, was $40.5 million or $0.90 per adjusted share, down from the $51.7 million and $1.16 last year. The result topped the consensus analyst forecast of $0.87 per share, according to Capital IQ. The net loss was $117.5 million, or $2.71 per diluted share, compared with net income of $49.3 million and $1.11 per share, last year.

Reported results included impairment and restructuring charges of $196.8 million ($155.6 million net), or $3.56 per share, the bank said. These were related to the restructuring of its operations and to the impairment of the personal and commercial banking segment.

Total revenue fell to $252.6 million, from $257.2 million for the prior year quarter. Provisions for credit losses climbed to $17.9 million, from $16.2 million for the prior year period, due to higher provisions on impaired loans from credit migration, partly offset by a release of provisions on performing loans.

Laurentian reported that return on common shareholders' equity was a negative 18.6%, compared with 7.7% last year.

The bank maintained a regular quarterly dividend of $0.47 per share, payable on August 1.