BMO reports $1.87B Q3 profit, provision for credit losses up from year ago
By The Canadian Press on August 27, 2024.
TORONTO – BMO Financial Group reported a third-quarter profit of $1.87 billion as its provision for credit losses rose compared with a year ago. The bank says its net income amounted to $2.48 per diluted share for the quarter ended July 31 compared with a profit of $1.57 billion or $2.12 per diluted share a year earlier. On an adjusted basis, BMO says it earned $2.64 per diluted share in its latest quarter, down from an adjusted profit of $2.94 per diluted share in the same quarter last year. Revenue for the quarter totalled $8.19 billion, up from $8.05 billion in the same quarter a year ago. BMO’s provision for credit losses amounted to $906 million for its third quarter, up from $492 million a year earlier. Analysts on average had expected BMO to earn an adjusted profit of $2.76 per share for the quarter, according to to LSEG Data & Analytics. This report by The Canadian Press was first published Aug. 27, 2024. Companies in this story: (TSX:BMO) 9-8
