09:44 AM EST, 12/06/2024 (MT Newswires) -- Laurentian Bank (LB.TO) was at last look up near 7% and had hit fresh 52 week highs on Friday after the bank reported lower fourth-quarter adjusted profit that nevertheless beat forecasts.

Adjusted net income of $40.9 million and $0.89 per diluted share, beat a FactSet consensus forecast of $0.87. The comparable figures for last year were $44.7 million, and $1.00 per adjusted share.

Total revenue increased 1% to $250.8 million, from $247.4 million.

The bank's provision for credit losses was $10.4 million, compared with $16.7 million a year ago. The improvement was mainly due to higher releases of provisions on performing loans, Laurentian said.

Adjusted return on common shareholders' equity was 6.2%, down from last year's 6.6%.

The bank will pay a regular quarterly dividend of $0.47 per share, on Feb. 1.

"Six months after presenting our strategic plan, I am pleased with the progress we've made to strengthen our organization and foundations," said CEO Eric Provost. "Our solid capital and liquidity levels position us well for future asset growth. Looking ahead to 2025, our focus is on executing on our key priorities. We will keep growing our specializations and making the right decisions to improve our profitability, while always maintaining a strong customer-centric approach at the core of everything we do."

Price: 30.98, Change: +1.96, Percent Change: +6.75