Réjean Robitaille, president and CEO of Laurentian Bank presented a review of his organization’s activities and accomplishments in 2008 during its annual meeting of shareholders held Tuesday in Montreal.

Over the course of its past fiscal year, the Montreal-based bank posted its best financial performance ever, exceeding all of its original objectives for the year, in addition to recording solid results in the first quarter of 2009.

“These positive results are the product of our cumulative efforts over the past few years,” said Robitaille. “As it is progressively implemented, our business plan is promoting our growth and confirming that we have been making the right strategic decisions. Moreover, our solid foundations, built on strong levels of capital and liquidities, place us in a very good position to take advantage of growth opportunities within the Canadian market, both in terms of our internal volumes and the acquisition of new assets.”

Robitaille pointed out that Laurentian Bank has no direct exposure whatsoever to American mortgage market instruments, not to the complex structured credit products and held very little non-bank asset-backed commercial paper.

“Our prudent approach, combined with the sound nature of our business plan, has placed us in a position that is most enviable within the Canadian and North American banking industry,” added Robitaille.

“In fact, the bank posted record net income of $102.5 million during fiscal 2008, representing an 8% increase over the previous year.”

The bank’s loan and deposit portfolios grew by more than $3 billion in a single year, also marking a record.

IE