TORONTO — BMO Financial Group topped expectations as it reported a profit of $1.23 billion in its latest quarter even as its provisions for bad loans rose compared with a year ago.
The bank says the profit amounted to $1.81 per share for the quarter, down from a profit of $1.56 billion or $2.34 per share a year ago.
Revenue was $7.19 billion, up from $6.67 billion.
The bank’s total provisions for credit losses in what was its third quarter amounted to $1.05 billion, up from $306 million in the third quarter last year.
On an adjusted basis, BMO says it earned $1.85 per share for the quarter, down from an adjusted profit of $2.38 per share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.71 per share for the quarter, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Aug. 25, 2020
