06:51 AM EDT, 08/30/2024 (MT Newswires) -- Laurentian Bank of Canada ( LRCDF ) on Friday reported lower third quarter earnings as it continues to implement a strategic plan outlined earlier this year that includes asset sales and is aimed at making the bank "leaner and meaner".

The bank reported net income of $34.1 million and diluted earnings per share of $0.67 for the third, compared with $49.3 million and diluted earnings per share of $1.03 for the third quarter of 2023. Adjusted net income was $43.1 million and adjusted diluted earnings per share was $0.88, compared with $57.6 million and $1.22 for last year's third quarter.

Total revenue decreased to $256.5 million for the quarter, compared with $260.8 million for the third quarter of 2023.

On the sale of assets under administration of Laurentian Bank Securities (LBS), it sold the retail full-service investment broker division to iA Private Wealth Inc (iAPW) and the discount brokerage division to CI Investment Services (CIIS).

Among other highlights, adjusted return on common shareholders' equity was 6.2% for the third quarter of 2024, compared with 8.2% a year ago. Return on common shareholders' equity was 4.7% for the third quarter of 2024, compared with 6.9%.

The provision for credit losses was $16.3 million for the third quarter of 2024, compared with $13.3 million for the third quarter of 2023, an increase of $2 .9 million mainly as a result of higher provisions on impaired loans due to credit migration, partly offset by a release of provisions on performing loans. The provision for credit losses as a percentage of average loans and acceptances was 18 basis points for the quarter, compared with 14 basis points for the same quarter a year ago.

Eric Provost, President & CEO, in a statement said: "Despite macroeconomic challenges, our strong capital position and strategic investments are setting the stage for future growth."

LB shares rose $0.10 to $26.96 yesterday.