February 28, 2018 / 11:55 AM / 3 months ago

BRIEF-Laurentian Bank Of Canada Reports Q1 Adj. EPS Of C$1.49

Feb 28 (Reuters) - Laurentian Bank Of Canada:

* LAURENTIAN BANK FINANCIAL GROUP REPORTS FIRST QUARTER 2018 RESULTS

* Q1 REVENUE ROSE 10 PERCENT TO C$267 MILLION

* NET INTEREST INCOME INCREASED BY $24.9 MILLION OR 16% TO $178.6 MILLION FOR Q1

* CMHC COMMUNICATED THAT CO NOT REQUIRED TO PERFORM FULL REVIEW OF MORTGAGES SOLD TO CMHC NOR MAKE MATERIAL REPURCHASES

* TPP HAS NOW COMPLETED CONFIRMATORY AUDIT OF REVIEW OF MORTGAGES AND NO FURTHER REPURCHASES ARE REQUIRED

* ABOUT $17 MILLION OUT OF $40 MILLION ADDITIONAL INDEMNITY CASH RESERVE, THAT WAS DEPOSITED WITH TPP, WILL BE RELEASED TO CO

* SITUATION WITH B2B BANK UNDERWRITTEN MORTGAGES SOLD TO TPP IS NOW RESOLVED.

* Q1 EARNINGS PER SHARE VIEW C$1.54, REVENUE VIEW C$267.7 MILLION — THOMSON REUTERS I/B/E/S

* BEGAN INTERNAL REVIEW DURING Q1 AFTER DEFINING SCOPE OF AUDIT WITH TPP; INTERNAL REVIEW TO BE COMPLETED TOWARDS END OF Q2

* GIVEN UNCERTAINTY RELATED TO RENEWAL OF COLLECTIVE BARGAINING AGREEMENT, REVIEWING PACE OF RETAIL SERVICES TRANSFORMATION

* SAYS MICHEL TRUDEAU TO RETIRE EFFECTIVE APRIL FROM ROLE AS PRESIDENT, CEO OF LAURENTIAN BANK SECURITIES

* TRUDEAU WILL BE STAYING ON AS VICE-CHAIR OF BOARD OF LAURENTIAN BANK SECURITIES Source text for Eikon: Further company coverage:

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