Laurentian Bank today reported that first-quarter profit of $17 million, down slightly from $17.3 million a year earlier.

The drop came despite gains in market share in Quebec by its mutual fund and RRSP offerings.

Earnings per share were 59¢ diluted common share, down from 60¢ a share a year earlier.

Return on common shareholders’ equity slipped to 7.9%, from 8.3%.

CEO Raymond McManus said increased revenue contributed to results for all business segments, but higher compensation expenses offset some of the gains.

He said mutual fund sales were up by 50% over the previous year, while RRSP sales were also above the previous year’s record business, while its discount brokerage business has also gained market share.

During the quarter, which ended Jan. 31, the bank completed the sale of its 51% stake in Brome Financial Corp. for a $900,000 gain.

The bank said its provision for credit losses remained “relatively stable” at $10 million, up from $9.8 million in the first quarter a year earlier.

Total personal deposits grew by $108 million during the quarter to $10.7 billion.