B2B Bank propels the profitability of Laurentian BankBy Alain Thériault | October 21 2014 09:00AM
B2B Bank is definitely a growth engine for Laurentian Bank.The subsidiary’s net results soared by 78% since 2008. With profits of $62.2 million in 2013, B2B Bank contributed to more than one-third of the net result of Laurentian Bank last year.
The net income of the parent corporation rose by 11% to $156 million in 2013 compared with $140.7 million in 2012. Only the Real Estate and Commercial sector garnered more profits for Laurentian Bank than B2B Bank in 2013, at $67.1 million.
Also in 2013, B2B Bank posted income of $227.6 million, equal to a quarter of the total income of Laurentian Bank, which stood at $865.3 million. Only Retail and SME-Québec did better, with income of $457.1 million in 2013.