Laurentian Bank of Canada today reported a sharp increase in fourth-quarter profit.

Net income was $21.6 million, or 79¢ a share, in the quarter ended October 31, up from $7.1 million, or 17¢ a share, in the year-ago period.

Revenue jumped $133.8 million from $108.9 million as net interest income and profit from financial market activities grew.

The bank said it benefited from lower tax expenses and also realized a $4.4 million after-tax gain stemming from last year’s sale of shares of its LC-Edmond de Rothschild Asset Management joint venture.

Loan loss provisions rose to $11.8 million from $8.9 million, while return on equity was 10.6%, up from 2.4%.

Return on equity for the quarter was 10.6% for the versus 2.4% for the same quarter of 2004.

For the fourth quarter of 2005, results from continuing operations stood at $17.4 million or $0.61 diluted per common share.

“We have exceeded all our earnings objectives and have been successful in growing our loan and deposit portfolios,” said Raymond McManus, president and CEO.