BMO Financial Group reports third-quarter profits up, beat expectations

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TORONTO — BMO Financial Group topped expectations as it reported a third-quarter profit of nearly $2.28 billion, up from a profit of $1.23 billion a year ago.

The bank says it earned $3.41 per diluted share for the quarter that ended July 31, up from $1.81 per diluted share in the same quarter last year.

Revenue totalled $7.56 billion, up from $7.19 billion.

The result came as BMO posted a recovery of credit losses of $70 million for the quarter, compared with a provision for credit losses of $1.05 billion a year ago.

On an adjusted basis, BMO says it earned $3.44 per diluted share in its latest quarter, up from an adjusted profit of $1.85 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $2.94 per share, according to financial market data firm Refinitiv.

"Operating momentum across our diversified businesses continues to drive strong financial performance," BMO Darryl White said in a statement.

BMO said its Canadian personal and commercial banking operations earned $815 million in the quarter, up from $319 million in the same quarter last year.

The bank's U.S. personal and commercial banking business saw its profit more than double to $533 million compared with $263 million a year ago.

BMO's wealth management business earned $401 million in the quarter, up from $341 million a year ago, while its capital markets arm earned $558 million, up from $426 million.

This report by The Canadian Press was first published Aug. 24, 2021.

Companies in this story: (TSX:BMO)

The Canadian Press

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