Business
Bank of Montreal Profit Rises With Lift in Revenue, Drop in Credit-Loss Provision
Bank of Montreal BMO 3.82%increase; green up pointing triangle logged a stronger-than-expected rise in earnings for the latest quarter on the back of strong fee growth in its markets-facing businesses and revenue growth in its Canadian-banking, wealth-management and capital-markets operations.
The Canadian bank’s net income rose to 2.49 billion Canadian dollars (US$1.82 billion), or C$3.39 a share, for the fiscal first quarter against C$2.14 billion, or C$2.83, a year earlier. On an adjusted basis used by the lender to reflect its underlying business performance, Bank of Montreal reported earnings of C$3.48 a share for the three months to Jan. 31, an increase of 14% on last year to beat the C$3.21 consensus forecast of analysts polled by FactSet.
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