UPDATE 1-Laurentian Bank profit up, meets expectations

Wed May 26, 2010 1:13pm EDT

* Q2 EPS C$1.06 vs C$0.76 yr-ago

* In line with C$1.06 EPS expectations

* Loan losses C$16 mln, up from C$12 mln yr-ago

TORONTO, May 26 (Reuters) - Laurentian Bank of Canada (LB.TO) said on Wednesday its profit rose 34 percent in the second quarter, in line with expectations, as higher revenues offset a rise in loan losses.

The Montreal-based regional bank said net income rose to C$28.3 million ($26.7 million), or C$1.06 a share, in the second quarter, ended April 30. That compares with C$21.2 million, or 76 Canadian cents a share, in the same quarter a year earlier.

Analysts, on average, had expected a profit of C$1.06 a share, according to Thomson Reuters I/B/E/S.

Laurentian Bank said it had C$16 million in loan losses in the quarter, unchanged from the first quarter of 2010 and up from C$12 million in the second quarter of 2009.

Shares of Laurentian Bank rose 2.0 percent to C$43.92 Wednesday afternoon on the Toronto Stock Exchange.

($1=$1.06 Canadian) (Reporting by Andrea Hopkins; editing by Rob Wilson)