BMO Financial Group reports $1.45B Q3 profit, up from $1.37B a year earlier
By The Canadian Press on August 29, 2023.
TORONTO – BMO Financial Group reported its third-quarter profit edged higher compared with a year ago even as the amount it set aside for bad loans grew. The bank says it earned $1.45 billion or $1.97 per diluted share for the quarter ended July 31, up from $1.37 billion or $1.95 per diluted share a year earlier. Revenue totalled $7.93 billion, up from $6.10 billion in the same quarter last year. BMO’s provision for credit losses totalled $492 million, up from $136 million in its third quarter last year. On an adjusted basis, BMO says it earned $2.78 per diluted share, down from an adjusted profit of $3.09 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $3.13 per share, based on estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Aug. 29, 2023. Companies in this story: (TSX:BMO) 9-8
