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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 April 30 , 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 second quarter 2021 results Highlights of second quarter 2021 ( compared with second quarter 2020 ) • Adjusted net income ( 1 ) of $ 56.7 million , compared with $ 11.9 million . • Reported net income of $ 53.1 million , compared with $ 8.9 million . • Adjusted diluted earnings per share ( 1 ) of $ 1.23 , compared with $ 0.20 . • Diluted earnings per share of $ 1.15 , compared with $ 0.13 . Montreal , June 2 , 2021 ― Laurentian Bank Financial Group reported net income of $ 53.1 million and diluted earnings per share of $ 1.15 for the second quarter of 2021 , compared with $ 8.9 million and $ 0.13 for the second quarter of 2020. Return on common shareholders ' equity was 8.6 % for the second quarter of 2021 , compared with 1.0 % for the second quarter of 2020 . On an adjusted basis ( 1 ) , net income was $ 56.7 million and diluted earnings per share were $ 1.23 for the second quarter of 2021 , up from $ 11.9 million and $ 0.20 for the second quarter of 2020. Adjusted return on common shareholders ' equity was 9.2 % for the second quarter of 2021 , compared with 1.5 % a year ago . For the six months ended April 30 , 2021 , reported net income was $ 97.9 million and diluted earnings per share were $ 2.11 , compared with $ 41.1 million and $ 0.81 for the six months ended April 30 , 2020. Return on common shareholders ' equity was 7.8 % for the six months ended April 30 , 2021 , compared with 3.0 % for the six months ended April 30 , 2020. On an adjusted basis ( 1 ) , net income was $ 104.3 million and diluted earnings per share were $ 2.26 for the six months ended April 30 , 2021 , up from $ 48.8 million and $ 0.99 for six months ended April 30 , 2020. Adjusted return on common shareholders ' equity was 8.4 % for the six months ended April 30 , 2021 , compared with 3.7 % for the same period a year ago . " The momentum we built in the first quarter of 2021 continued into the second quarter with strong performance in capital markets , lower provision for credit losses and our continued focus on cost discipline . We are excited to be celebrating Laurentian Bank's 175th anniversary over the next year with our customers , employees , investors , and our communities . This historic milestone is an opportunity to reflect on our remarkable past and to leverage our strong roots to build sustainable growth and profitability . ” said Rania Llewellyn , President and Chief Executive Officer . In millions of Canadian dollars , except per share and percentage amounts ( Unaudited ) For the three months ended April 30 , April 30 , April 30 , For the six months ended April 30 , 2021 2020 Variance 2021 2020 Variance Reported basis Net income $ 53.1 $ 8.9 Diluted earnings per share $ 1.15 $ 0.13 497 % $ 785 % $ 97.9 $ 41.1 138 % 2.11 $ 0.81 160 % Return on common shareholders ' equity 8.6 % 1.0 % 7.8 % 3.0 % Efficiency ratio 71.9 % 76.4 % 71.1 % 77.8 % Common Equity Tier 1 capital ratio 10.1 % 8.8 % Adjusted basis ( 1 ) Adjusted net income $ 56.7 Adjusted diluted earnings per share $ Adjusted return on common shareholders ' equity Adjusted efficiency ratio $ 1.23 $ 9.2 % 69.9 % 11.9 0.20 1.5 % 74.8 % 376 % $ 104.3 515 % $ $ 2.26 $ 48.8 114 % 0.99 128 % 8.4 % 3.7 % 69.4 % 75.7 % ( 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