Laurentian Bank of Canada reported third-quarter net income of $1.5 million as it worked to complete its plan to be split in two and sold in a pivot to become a specialty commercial bank. The Montreal-based bank says the result amounted to a loss of eight cents per diluted per share for the quarter ended July 31 compared with a profit of $37.5 million or 73 cents per diluted share a year earlier. On an adjusted basis, Laurentian says it earned 51 cents per diluted share in its latest quarter compared with an adjusted profit of 78 cents per diluted share in the same quarter last year. Laurentian chief executive Éric Provost said the quarter reflected the work over the past several months to advance the bank’s transformation. Last year, Laurentian announced a deal that will see Fairstone Bank buy it and its commercial operations for $1.9 billion, while its retail and small-and-medium-sized banking portfolios will be acquired by National Bank. Laurentian expects to close the deal, which was approved by the federal finance minister in June, later this year. This report by The Canadian Press was first published Aug. 28, 2026.
