Saturday, November 1st3.3°C
23710
22746

Bank of Montreal profit tops $1 billion

Bank of Montreal (TSX:BMO) delivered a number of surprises Tuesday, including an unexpected dividend increase and first-quarter results that beat analyst estimates, although its profit and revenue were both lower than a year before.

The bank said Tuesday that its net income slipped to $1.05 billion or $1.53 per share from $1.12 billion or $1.63 per share a year earlier.

On an adjusted basis, earnings were $1.52, beating analyst expectations by four cents, according to a survey by Thomson Reuters.

Total revenue was down slightly from a year earlier, falling by one per cent to $4.08 billion from $4.12 billion.

The consensus estimate had been for revenue to fall further to $3.9 billion and for adjusted earnings to drop to $1.48 per share.

Provisions for credit losses were one of the weaknesses of the results. The money set aside to cover bad loans increased to $178 million from $141 million.

Chief executive Bill Downe said all of the bank's major divisions in Canada and the United States, where it operates under the BMO Harris Bank brand, performed well during the three-month period, which ended Jan. 31.

"Looking ahead, we are well-positioned to leverage our North American platform and deliver sustained earnings growth," Downe said in a statement.

The Canadian Press


Read more Business News

23167


Recent Trending




Today's Market
S&P TSX14613.32+154.63
S&P CDNX769.59-2.06
DJIA17390.52195.10
Nasdaq4630.742+64.604
S&P 5002018.05+23.40
CDN Dollar0.88750.00
Gold1166.30-32.2999
Oil80.55-0.35
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.85+0.63
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 



23057

FEATURED Property
1913456#114 - 3880 Truswell Rd.
2 bedrooms 3 baths
$599,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_



23884

23884


Member of BC Press Council


23910