Laurentian Bank of Canada reported its fourth quarter profit fell 9% because of charges for fixed-income securities and a canceled technology project.

For the quarter ended Oct. 31, the Montreal-based bank said it earned $27.3 million, or $1.02 a share. That was down from $30.2 million, or $1.14, in the same 2007 period.

A securities impairment charge cut earnings by 23¢ a share, the bank said.

It also wrote off technology costs for a canceled check-imaging project, which cut earnings by a further 6¢ a share. Excluding items, quarterly profit jumped 29%.

The bank’s provision for credit losses ticked up slightly to $10.5 million, from $10 million in the year-earlier period.

CFO Cardinal stepping down

Separately, Laurentian announced that Robert Cardinal, current senior executive vp, finance, administration and strategic development and the bank’s CFO, has decided to retire after 18 years of service with the organization. Cardinal will be replaced by Michel Lauzon, effective Jan. 5, 2009.

Cardinal has been with Laurentian Bank for the past 18 years, having joined the organization in 1991 as vp, finance, and being named senior vp, finance and control and CFO in 1994. In order to assure a smooth and effective transition, Cardinal will remain at the bank until Jan. 30, 2009.

Laurentian bard of Directors appointed Lauzon to succeed Cardinal. After beginning his career at Royal Bank, Lauzon joined Laurentian Bank in 1988, where he occupied several positions, including vp, product management, vp, money markets and foreign exchange, as well as vp and treasurer. Lauzon left Laurentian Bank in 1998 to join TAL Asset Management, where he served as president and COO from 2002 to 2005. More recently, he was with Centria Commerce Inc. in the role of senior vp, corporate development and chief of finance.

IE