MONTREAL – Laurentian Bank of Canada says it expects to take a total of $163 million in one-time charges after tax as a result of a review of its business.
The Montreal-based bank says it will unveil its new strategic plan during an investor day on Dec. 10 after it reports its fourth-quarter results.
The one-time charges include a goodwill impairment charge as well as charges related to the consolidation of its two digital platforms into one.
The bank is also taking charges related to a reduction in the amount of office space it leases as well as an increase in allowances and provisions for credit losses.
Laurentian says the charges are expected to reduce its adjusted earnings by $14 million after tax.
Reported diluted earnings per share are expected to be impacted by $3.73 and adjusted diluted earnings per share by 33 cents.
This report by The Canadian Press was first published Nov. 23, 2021.
Companies in this story: (TSX:LB)