Laurentian Bank Financial Group beat expectations even as it reported its fourth-quarter profit slipped to $36.8 million compared with $41.3 million a year earlier.
The Montreal-based bank says its profit amounted to 79 cents per diluted share for the quarter ended Oct. 31, down from 90 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled $243.5 million, up from $241.6 million a year earlier.
Provisions for credit losses amounted to $24.2 million for the quarter, up from $12.6 million for the fourth quarter of 2019.
On an adjusted basis, Laurentian says it earned 91 cents per diluted share in its latest quarter, down from $1.05 per diluted share a year ago.
Analysts on average had expected an adjusted profit of 73 cents per share, according to financial data firm Refinitiv
CWB Financial Group also reported its fourth-quarter profit edged down from a year ago, but the bank still beat expectations.
The bank says it earned net income available to common shareholders of $63.4 million or 73 cents per diluted share for the quarter ended Oct. 31, down from $67.5 million or 77 cents per diluted share a year ago.
Revenue totalled $236.6 million, up from $220.9 million in the same quarter last year.
Total provisions for credit losses were $19.6 million, up from $13.3 million in the same quarter last year, but down from $24.4 million in the third quarter.
On an adjusted basis, CWB says it earned 75 cents per share for the quarter, down from an adjusted profit of 78 cents per share a year ago.
Analysts on average had expected an adjusted profit of 74 cents per share, according to financial data firm Refinitiv.