Home Business BMO Financial Group reports third-quarter profit down from year ago

BMO Financial Group reports third-quarter profit down from year ago

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TORONTO — BMO Financial Group reported third-quarter net income of $1.37 billion, down from $2.28 billion in the same quarter a year earlier, as it took a $945-million charge related to its acquisition of Bank of the West.

The bank says its profit amounted to $1.95 for the quarter ended July 31, down from a profit of $3.41 per diluted share a year ago.

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Revenue totalled $6.10 billion, down from $7.56 billion in the same quarter last year.

Provisions for credit losses amounted to $136 million for the quarter compared with a recovery of credit losses of $70 million in the bank’s third quarter last year.

On an adjusted basis, BMO says it earned $3.09 per diluted share for the quarter, down from an adjusted profit of $3.44 per diluted share a year ago.

Analysts on average had expected the bank to earn an adjusted profit of $3.14 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 30, 2022.

Companies in this story: (TSX:BMO)



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