07:14 AM EST, 02/28/2025 (MT Newswires) -- Laurentian Bank (LB.TO) on Friday said its first-quarter adjusted profit fell slightly and missed forecasts.

Adjusted diluted profit narrowed to $39.4 million, or $0.78 per adjusted diluted share, from $41 million, or $0.89 per share in the prior year period. The result missed a consensus analyst forecast of $0.79, according to FactSet.

Revenue also fell, to $250 million from $258 million a year ago, but beat analysts' estimate of $247.4 million. The decrease was mainly due to lower fees and securities brokerage commissions.

Laurentian reported that the provision for credit losses was $15.2 million, compared with $16.9 million for the first quarter last year. The provision for credit losses as a percentage of average loans was 17 basis points, compared with 18 basis points for the same quarter a year ago.

The bank will pay a quarterly dividend of $0.47 per share on May 1.

"Our decision, as an organization, to adopt a focused approach in areas where we can win is starting to prove to be the right strategy", said Chief Executive Eric Provost. "Combining our established strengths with new growth opportunities in our specialized commercial groups is leading the way to long-term success. Our strong liquidity and capital levels position us well to face the current macroeconomic and geopolitical uncertainties."