TORONTO — BMO Financial Group beat expectations as it reported a first-quarter profit of nearly $2.02 billion, up from $1.59 billion in the same period a year earlier.
The bank says its net income amounted to $3.03 per diluted share for the quarter ended Jan. 31, up from $2.37 per diluted share.
Revenue for the quarter totalled nearly $6.98 billion, up from nearly $6.75 billion in the first quarter last year.
Provisions for credit losses for the quarter amounted to $156 million, down from $349 million a year ago.
On an adjusted basis, BMO says it earned $3.06 per diluted share, up from an adjusted profit of $2.41 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $2.15 per share for the quarter, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Feb. 23, 2021
