Laurentian Bank of Canada today reported a 21% increase in profit for the second quarter ended April 30.

Net income for the quarter rose to $25.1 million, or 93¢ a share, compared with $20.7 million, or 75¢ a share for the year ago period.

Total revenue increased by 6.7% to $155.5 million in the second quarter of 2008 from $145.7 million in the second quarter of 2007. Laurentian says the increase resulted from growth in net interest income of $3.5 million and other income of $6.3 million. Securitization revenues increased by $6.1 million compared to a year-ago to $9.3 million for the second quarter of 2008 and include a $9.2 million gain on sale and a $1.2 million charge related to the revaluation of certain swaps related to securitization activities.

Non-interest expenses increased by 1.7% to $110.9 million in the quarter from $109.0 million in the year ago period.

The provision for credit losses was $10.0 million, the same level as a year ago.

“We have continued our business development activities and further increased our loan and deposit portfolios. Moreover, our strong capital and liquidity levels, combined with our limited involvement in complex structured financial instruments clearly contributed to lower our risk profile,” stated Réjean Robitaille, president and CEO.

The bank left its quarterly dividend unchanged at 32¢ a share.