Laurentian Bank of Canada is reporting slightly lower profits for the third quarter ended July 31.

The bank reported third-quarter net income of $22 million, or 78¢ a share. That is down from profit of $22.5 million, or 84¢ a share, in the prior-year period.

Revenues slipped to $150.2 million from $153.7 million in the corresponding quarter last year

Return on common shareholders’ equity was 12% for the quarter compared to 12.7% in 2001.

Commenting on the third quarter results, Raymond McManus, president and CEO said: “The Bank is satisfied with the third quarter results given current market conditions. There has been a slight decrease in loan demand and bank term deposit growth has been good, since individuals are investing their assets prudently in these difficult markets.”

The provision for credit losses was $10 million in the third quarter. Assets under administration stood at $12.6 billion at July 31 compared to $13.9 billion at July 31, 2001. The year over year decrease in self-directed retirement plans, mortgage loans under management and client brokerage assets was partially offset by the increase in corporate trust assets.

Tier 1 and Total capital ratios were 8.7% and 13.3% respectively, compared to 8.1% and 12.2% a year ago and 8.2% and 12.6% at April 30, 2002.