MONTRÉAL, Dec. 10, 2014 /CNW Telbec/ - Laurentian Bank is pleased to announce that its Annual Report for the fiscal year ended October 31, 2014 is now available on its Internet site (laurentianbank.ca) under the Laurentian Bank tab's Investors section.
The Bank posted solid results and achieved a number of major milestones in fiscal 2014. Its adjusted net income totalled $163.5 million, up by 5% over the previous year. The Bank also improved its adjusted efficiency ratio by 180 basis points to attain the level of 71.0%.
"We are very proud of our 2014 results and of the advances we've made over the past number of years," underlined Mr. Réjean Robitaille, President and Chief Executive Officer of Laurentian Bank. "In fact, our balance sheet assets have increased by 55% in the past five years, and our portfolio volumes in Ontario and Western Canada have grown by 80%. This has enabled us to boost our dividend by close to 50% during the course of the same period. Our solid performance clearly testifies to the effectiveness of our business model, under which we maintain our presence within market niches where we hold a competitive advantage that enables us to position our institution among the best."
Fiscal 2014 Highlights
Laurentian Bank launched two lines of promising new products in 2014 — equipment financing products for small and medium-sized enterprises, and alternative mortgage solutions offered to mortgage brokers by B2B Bank. The Bank's activities outside Québec continued to represent an important component of its operations, now accounting for approximately 50% of overall profitability. The organization also completed the integration of MRS Companies and AGF Trust into the ranks of B2B Bank. With these acquisitions, B2B has doubled in size and its leadership position has been confirmed.
Where the Bank is Headed
"Our distinctiveness within the Canadian banking market is an advantage and our size constitutes a strength," emphasizes Réjean Robitaille. "We remain a well capitalized institution that ranks among the 40 most prominent banks in North America."
Laurentian Bank's objectives for the coming years include:
- generating strong growth in Canada via its Business Services sector
- taking full advantage of B2B Bank's leadership position among Canadian financial advisors and brokers
- accentuating the geographic diversity of its clientele and profitability
- maintaining the solid assets and foundations of its Retail Services sector in Québec
- pursuing the development of its institutional brokerage activities, while consolidating its positioning in the small cap business market
About Laurentian Bank
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. Recognized for its excellent service, proximity and simplicity, the Bank serves one and a half million clients throughout the country. Founded in 1846, the Bank is among the 2014 edition of the Montréal's Top Employers competition, which showcases the city's top 25 companies offering enviable places to work. It currently employs more than 3,600 people whose talent and dedication has made it a major player in numerous market segments.
Laurentian Bank distinguishes itself through the excellence of its execution and its agility. Catering to the needs of retail clients via its extensive branch network and constantly evolving virtual offerings, the Bank has also earned a solid reputation among small and medium-sized enterprises, larger businesses and real estate developers thanks to its growing presence across Canada and its specialized teams in Ontario, Québec, Alberta, British Columbia and Nova Scotia. For their part, B2B Bank is a Canadian leader in providing banking and investment products and services to financial advisors and brokers, while Laurentian Bank Securities is an integrated broker widely known for its expert and effective services nationwide. The Bank has more than $34 billion in balance sheet assets and more than $41 billion in assets under administration.
SOURCE Laurentian Bank of Canada
Gladys Caron, Vice-President, Public Affairs, Communications and Investor Relations, 514 284-4500, extension 7511, gladys.caron@banquelaurentienne.caCopyright CNW Group 2014