A person makes their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, on Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby
TORONTO – BMO Financial Group reported a first-quarter profit of $1.29 billion as its provision for credit losses rose compared with a year ago.
The bank says its profit amounted to $1.73 per diluted share for the quarter ended Jan. 31, up from $133 million or 14 cents per diluted share a year earlier.
Revenue totalled $7.67 billion for the quarter, up from $5.10 billion.
BMO’s provision for credit losses amounted to $627 million, up from $217 million in the same quarter last year.
On an adjusted basis, BMO says it earned $2.56 per diluted share in its latest quarter, down from an adjusted profit of $3.06 per diluted share a year earlier.
The average analyst estimate had been for a profit of $3.02 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Feb. 27, 2024.
Companies in this story: (TSX:BMO)
