Laurentian Bank of Canada reported net income of $24.6 million for the second quarter, ended April 30, compared to $10.6 million for the same period in 2005, a 132% increase.

Return on common shareholders’ equity was 12.5% for the quarter, compared to 4.6% for the same period in 2005. Results for the second quarter of 2006 include a net tax favorable adjustment of $10.7 million resulting from various tax-related issues.

For the six-month period ended April 30, net income totaled $41.6 million compared to net income of $27.9 million in 2005, an increase of 49%. Return on common shareholders’ equity was 10.1% for the six-month period compared to 6.5% for the same period in 2005.

For the first six months of fiscal 2006, income from continuing operations stood at $41.3 million. Income from continuing operations for the first six months of 2005 was $23.0 million. For 2005, income from discontinued operations consisted of the $5.4 million ($5.2 million net of income taxes) gain resulting from the sale of the BLC-Edmond de Rothschild Asset Management joint-venture and subsequent changes to the value of certain investments related to seed capital.

“I am pleased with the improvement in results compared to last year, even when excluding the favorable impact of the tax adjustment. This performance reflects our commitment to generate sustainable earnings from core operations. Revenues improved in all lines of business, while personal deposit and loan volumes also showed significant progress. New initiatives in commercial financial services and Laurentian Bank Securities segments should also contribute to our future growth,” said Raymond McManus, president and CEO.