January 15, 2011
Laurentian Bank releases 2010 annual report
MONTREAL--Laurentian Bank has released it's annual report online with the
declaration, "Have you looked at us lately?".
"It's not the same bank anymore," underlines Laurentian Bank President and
CEO, Réjean Robitaille, in presenting an overview of the organization's
evolution and results in fiscal 2010. "A period of sustained growth and
innovation has transformed the face of the Bank, which is committed to
actively pursuing its remarkably positive momentum." Posting record
profitability and growth, the organization increased its net earnings per
share for the sixth consecutive year — a veritable tour de force as it is
the only Canadian bank to be able to make that claim.
Among other highlights, Laurent Ian Bank's 2010 Annual Report reveals that
total revenues increased by 11% as compared to fiscal 2009, while earnings
per share, when measured on the basis of continuing operations, were up by
23%. For their part, loans and bankers' acceptances rose by $1.8 billion in
2010, representing an increase of 11%. "In sum," adds Mr. Robitaille, "our
solid performance resulted in the Bank once again meeting the financial
objectives that we established at the beginning of the year."
Over the past three years, Laurentian Bank recorded substantial gains within
all of its spheres of activity, as demonstrated by its excellent results.
Net income from continuing operations has increased by 36% since 2007 to
reach $122.9 million by the end of fiscal 2010.
The Bank's loans and bankers' acceptances (before securitization) equal
$20.3 billion today, translating into an increase over the past three years
in the order of 35% that was achieved without compromising credit quality.
Since 2007, the organization's workforce has grown by 11% to reach over
3,600, with new resources having been hired in all sectors.
Laurentian Bank's Annual Report is available for consultation online at
laurentianbank.ca under the Laurentian Bank tab in the Investors section.
The Bank is demonstrating its innovativeness this year by presenting the
document using Virtual Paper technology, which converts ready to print
content into user-friendly Web documents optimized for search engines. The
print version of the Report, along with the other documents associated with
the organization's annual meeting, will be forwarded to shareholders during
the month of February.
Laurentian Bank's annual meeting of common shareholders will be held on
Tuesday, March 15, 2011 at Centre Pierre-Péladeau, located at 300 de
Maisonneuve Boulevard East in Montréal.
Laurentian Bank of Canada is a banking institution operating across Canada
and offering its clients diversified financial services. Distinguishing
itself through excellence in service, as well as through its simplicity and
proximity, the Bank serves individual consumers and small and medium-sized
businesses. The Bank also offers its products to a wide network of
independent financial intermediaries through B2B Trust, as well as
full-service brokerage solutions through Laurentian Bank Securities.
Laurentian Bank is well established in the Province of Quebec, operating the
third-largest retail branch network. Elsewhere throughout Canada, it
operates in specific market segments where it holds an enviable position.
Laurentian Bank of Canada has more than $23 billion in balance sheet assets
and more than $15 billion in assets under administration. Founded in 1846,
the Bank employs more than 3,600 people.