Overview
- Laurentian posted a net loss of CAD 20.6 million for the quarter ended April 30, driven by one-time transaction charges and a loss on the sale of a syndicated loan portfolio.
- Total revenue fell to CAD 213.7 million and adjusted earnings declined to CAD 0.46 per share, while provisions for credit losses rose to CAD 26.9 million.
- Management said on May 29 that the Competition Act conditions have been satisfied and that portfolio migration is progressing, and it reiterated an expectation to close both deals by the end of calendar 2026.
- Executives attributed the higher credit provision mainly to a single large commercial exposure in an industry Laurentian no longer serves and said capital and liquidity remain strong.
- The transactions will split Laurentian’s retail and SME portfolios to National Bank while Fairstone will acquire the remaining business as the bank refocuses on specialty commercial lending, a shift that will affect customers and staff as accounts and operations migrate.