MONTRÉAL, April 1, 2015 /CNW Telbec/ - Laurentian Bank executives presented an overview of the organization's results for the fiscal year ended October 31, 2014 and of the directions to be taken by its business sectors at the Annual Meeting of Shareholders held this morning.
In 2014, the Bank reached a new milestone in its development by posting record results for an eighth consecutive year. As such, the organization's adjusted net income totalled $163.6 million, up 5% from the previous year.
"These excellent results have further reinforced the Bank's solid position — both in terms of its financial performance and the quality of its balance sheet," underlined President and CEO Réjean Robitaille to shareholders assembled at Monument-National. "Instead of striving to serve all types of clients, we prefer to develop and occupy niches in which we excel and can create maximum value for our clients and business partners."
Thanks to its strong growth, Laurentian Bank now ranks 36th among some 8,000 banks in North America (The Banker, 2014).
More Than One Way to be a Bank
Contrary to the traditional model of Canadian banks, Laurentian Bank operates in specific niche segments across Canada in which it excels. "We have expressly made the choice not to be everything to everyone, but rather, to select lesser-served market niches in which we can provide clients with exceptional expertise and added value," indicated Mr. Robitaille.
The Bank has pursued its profitable development with respect for the principles of transparency, integrity and ethical conduct. In 2014, the organization applied its ethical and rigorous practices once again to make the best decisions on behalf of all its stakeholders. In fact, its responsible human resources management practices were recognized by the Toronto publishing house Mediacorp Canada, which ranked the Bank among the 25 best employers in Montréal.
Where the Bank is Heading
Laurentian Bank's differentiation within the Canadian banking sector serves as a clear advantage, while the organization's size affords it great agility.
The expansion of the Bank's pan-Canadian presence will be at the heart of its business strategy more than ever in the coming years. In 2014, approximately 50% of the organization's profitability was generated outside Québec, and the Bank intends to actively pursue its nationwide focus. Réjean Robitaille confirmed that purpose by pointing out that "our B2B Bank, Business Services and Laurentian Bank Securities business lines are all contributing to geographically diversifying the Bank's operations."
More specifically, Laurentian Bank has set the following objectives:
- Generate sustained growth with respect to its Business Services sector's activities in Canada.
- Take full advantage of B2B Bank's leadership position among Canadian financial advisors and brokers.
- Accentuate its geographical diversity in terms of clients and profitability.
- Maintain its Retail Services sector's assets and position in Québec.
- Pursue the development of its institutional brokerage activities by consolidating its positioning in the small cap company market.
Laurentian Bank is committed to furthering its growth in a unique and distinctive manner… because there's more than one way to be a bank.
About Laurentian Bank
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. The Bank serves one and a half million clients throughout the country and employs more than 3,700 people whose talent and dedication has made it a major player in numerous market segments. The Bank has more than $37 billion in balance sheet assets and more than $42 billion in assets under administration.
Laurentian Bank distinguishes itself through the excellence and simplicity in its services. As such, the Bank caters to the needs of retail clients via its branch network and virtual offerings. The Bank has also earned a solid reputation among small and medium sized enterprises and real estate developers thanks to its specialized teams across Canada, namely 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 the expertise and effectiveness of Laurentian Bank Securities' integrated brokerage services are known nationwide.
SOURCE Laurentian Bank of Canada
Image with caption: "Réjean Robitaille, president and CEO of the Laurentian Bank at the Annual Meeting of Shareholders held this morning at Monument-National in Montreal. (CNW Group/Laurentian Bank of Canada)". Image available at: http://photos.newswire.ca/images/download/20150401_C6830_PHOTO_EN_13846.jpg