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LAURENTIAN BANK FINANCIAL GROUP Press Release FOR IMMEDIATE RELEASE The financial information reported herein is based on the condensed interim consolidated ( unaudited ) information for the three - month period ended January 31 , 2021 , and has been prepared in accordance with International Financial Reporting standards ( IFRS ) , as issued by the International Accounting Standards Board ( IASB ) . All amounts are denominated in Canadian dollars . The Laurentian Bank of Canada and its entities are collectively referred to as Laurentian Bank Financial Group ( the " Group " or the " Bank ” ) and provide deposit , investment , loan , securities , trust and other products or services . Laurentian Bank Financial Group reports first quarter 2021 results Highlights of first quarter 2021 • • • • Adjusted net income ( 1 ) of $ 47.6 million for the first quarter of 2021 , compared with $ 36.9 million for the first quarter of 2020 . Reported net income of $ 44.8 million for the first quarter of 2021 , compared with $ 32.2 million for the first quarter of 2020 . Adjusted diluted earnings per share ( 1 ) of $ 1.03 for the first quarter of 2021 , compared with $ 0.79 for the first quarter of 2020 . Diluted earnings per share of $ 0.96 for the first quarter of 2021 , compared with $ 0.68 for the first quarter of 2020 . _ Montreal , March 3 , 2021 Laurentian Bank Financial Group reported net income of $ 44.8 million and diluted earnings per share of $ 0.96 for the first quarter of 2021 , compared with $ 32.2 million and $ 0.68 for the first quarter of 2020. Return on common shareholders ' equity was 7.1 % for the first quarter of 2021 , compared with 5.0 % for the first quarter of 2020. On an adjusted basis , net income was $ 47.6 million and diluted earnings per share were $ 1.03 for the first quarter of 2021 , up from $ 36.9 million and $ 0.79 for the first quarter of 2020. Adjusted return on common shareholders ' equity was 7.5 % for the first quarter of 2021 , compared with 5.8 % a year ago . Reported results include adjusting items , as detailed in the Non - GAAP and Key Performance Measures section . " I am pleased to report that we had a good start to the year . Our results were driven by a strong performance in capital market activities , the resumption of growth in commercial banking and our strong cost discipline . " said Rania Llewellyn , President and Chief Executive Officer . " We will take the experiences of the past year to propel us forward , as we renew our leadership team and create an organization that is agile , efficient and above all customer centric . " In millions of Canadian dollars , except per share and percentage amounts ( Unaudited ) Reported basis Net income Diluted earnings per share Return on common shareholders ' equity Efficiency ratio Common Equity Tier 1 capital ratio January 31 , For the three months ended January 31 , 2021 2020 Variance $ 44.8 $ 32.2 39 % $ 0.96 $ 0.68 41 % 7.1 % 5.0 % 70.4 % 79.1 % 9.8 % 9.0 % Adjusted basis ( 1 ) Adjusted net income $ 47.6 $ 36.9 29 % Adjusted diluted earnings per share $ 1.03 $ 0.79 30 % Adjusted return on common shareholders ' equity 7.5 % 5.8 % Adjusted efficiency ratio 68.9 % 76.6 % ( 1 ) Certain measures presented throughout this document exclude amounts designated as adjusting items and are Non - GAAP measures . Refer to the Non - GAAP measures section for further details