Business
There's more than one way to be a bank - Laurentian Bank Releases Its 2014 Annual Report
MONTRÉAL, Dec. 10, 2014 /CNW Telbec/ - Laurentian Bank is pleased to announce that it...
About this update from Laurentian Bank Of Canada
[{"type":"text","content":"\n\nMONTRÉAL, 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.\n\nThe 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%.\n\n\"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.\"\n\nFiscal 2014 Highlights\n\nLaurentian 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.  \n\nWhere the Bank is Headed\n\n\"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.\" \n\nLaurentian Bank's objectives for the coming years include:\n\n\ngenerating strong growth in Canada via its Business Services sector \ntaking full advantage of B2B Bank's leadership position among Canadian finan...