Laurentian Bank of Canada last week reported a Q3 profit of $10.3 million for the period ended July 31, down more than 50% from $22 million for the corresponding period last year.

The bank cites a $5 million provision for credit losses associated with its Air Canada exposure and a $3.1 million restructuring charge for the decline in profit.

Total revenue dropped to $143.8 million in Q3, down from $150.2 million last year.

President and CEO Raymond McManus said the remainder of the 2003 financial year will lay the foundation for a three-year repositioning effort to begin in 2004. In early August, 57 Laurentian branches in Ontario and western Canada were sold to TD Bank. Twenty new branches are planned to open in Quebec by 2006.