BMO Financial Group reports first-quarter profit down from year ago
By The Canadian Press on February 28, 2023.
TORONTO – BMO Financial Group reported a first-quarter profit of $247 million, down from $2.93 billion in the same quarter a year earlier, as it took a one-time charge related to its acquisition of Bank of the West. The bank says its profit amounted to 30 cents per share for the quarter ended Jan. 31 compared with a profit of $4.43 per diluted share a year earlier. Revenue totalled $6.47 billion, down from $7.72 billion, while provisions for credit losses amounted to $217 million compared with a recovery of $99 million a year earlier. BMO’s latest results included a pre-tax loss of $2.01 billion related to the management of the impact of interest rate changes between the announcement and closing of its purchase of Bank of the West on its fair value and goodwill. It completed the deal on Feb. 1. On an adjusted basis, BMO says it earned $3.22 per diluted share for its first quarter, down from an adjusted profit of $3.89 per diluted share in the same quarter last year. Analysts on average had expected a profit of $3.16 per share, according to those polled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Feb. 28, 2023. Companies in this story: (TSX:BMO) 9-8
