Laurentian Bank of Canada’s Commercial Financial Services segment reported a net income of $4.5 million (compared to $6.9 net income Q2 2002). The Commercial Financial Services segment provides commercial loans and larger financings as part of banking syndicates, as well as commercial mortgage financing, leasing, factoring and other services.
The bank reported net income of $11.0 million for the quarter ended April 30, 2003 compared to a loss of $18.4 million for the same period in 2002.
The results for the second quarter of 2003 take into account an additional $5 million provision for credit losses related to the Bank's exposure to Air Canada. In the second quarter of 2002, the net loss took into account an additional $70 million provision for credit losses related to the Bank's exposure to Teleglobe and other commercial loans.
