BMO Financial Group reports $2 billion Q1 profit, up from year ago

BMO reports $2B profit

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.

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