Laurentian Bank of Canada on Thursday reported lower profit for the first quarter ended January 31.

The country’s seventh-largest bank, said weaker residential mortgage volumes and softer commercial financial services contributed to the drop.

Net profit was $19.9 million, or 70¢ a share, in the quarter, down from $24.9 million, or 90¢ a share, in the year-earlier period.

The bank said loan-loss provisions rose to $11 million from $10 million a year ago, while return on equity was 10.3%, down from 13.5% a year ago.

Revenues slipped to $147.6 million during the quarter from $161.3 million a year ago.