Friday, September 4th10.0°C
26774
26753

BMO Big increase in Q4 for BMO

The Bank of Montreal (TSX:BMO) has reported a big increase in quarterly and annual profit, beating analyst estimates by a wide margin.

For the fourth quarter ended Oct. 31, BMO had a $1.08-billion profit in the fourth quarter, a 41 per cent increase over the same time last year. That amounted to $1.59 per share of net earnings before adjustments.

The bank's adjusted earnings amounted to $1.65 per share, 22 cents a share above the consensus analyst estimate.

BMO' revenue in the fourth quarter from all business segments totalled $4.18 billion, including about $2.3 billion from its personal and commercial banking, up from $3.82 billion in the fourth quarter of 2011.

Analysts had been expecting $1.37 per share of net income and $1.43 per share on an adjusted basis for the fourth quarter, according to estimates compiled by Thomson Reuters. The quarterly revenue estimate had been $3.8 billion.

"BMO's fourth quarter results mark a strong finish to a pivotal year for the bank," said Bill Downe, BMO's president and chief executive officer.

Downe noted that BMO's U.S subsidiary, BMO Harris Bank, had completed the integration on a major acquisition that increased its presence in the U.S. Midwest and kept an eye on the bottom line by reducing staffing levels.

Revenue for the full 2012 financial year increased to $16.1 billion from $13.9 billion in annual revenue last year.

The Canadian Press


Read more Business News

26480


Recent Trending




Today's Market
S&P TSX13478.31-118.10
S&P CDNX552.61-1.14
DJIA16102.38-272.38
Nasdaq4683.92-49.58
S&P 5001921.22-29.91
CDN Dollar0.7532-0.0047
Gold1120.70-3.00
Oil45.67-1.08
Lumber234.00+1.10
Natural Gas2.658-0.067

 
Okanagan Companies
Pacific Safety0.215-0.005
Knighthawk0.010.00
QHR Technologies Inc1.24+0.00
Cantex0.04-0.01
Anavex Life Sciences1.36+0.25
Metalex Ventures0.05-0.00
Russel Metals21.23+0.14
Copper Mountain Mining0.59-0.01
Colorado Resources0.075-0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.07-0.01
Decisive Dividend Corp2.62+0.12

 





FEATURED Property
23327406 - 3105 Thacker Drive
3 bedrooms 3 baths
$1,395,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The ball and chain

I have been pleasantly surprised of late to speak with business owners who understand the impact of fixed versus variable costs. A fixed cost is one that must be paid each and every month regardless o...


Where does the money go?

Photo: Thinkstock.comOne of the major components of business relationships that involve money are the fees in the investment industry. There is currently a quiet battle being waged between the practit...


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...

_








Member of BC Press Council


25143