Bank of Montreal’s Q3 adjusted profit falls but beats analyst estimates
The bank’s adjusted net income amounted to $2.12 per share — above the estimate of $2.06 per share from Thomson Reuters.
Without adjustments, Bank of Montreal’s net income for the quarter ended Jan. 31 was $973 million or $1.43 per share, down 35 per cent from a year earlier — mostly because of a $425 million one-time item related to U.S. tax reform.
BMO’s main Canadian banking operation reported $647 million of adjusted net income, down $98 million from a year earlier when the lender saw a gain on the sale of Moneris’ U.S. operations. Its main U.S. banking operation had $321 million of adjusted net income, up $60 million from a year earlier.
BMO Wealth Management had $276 million of adjusted net income, down $8 million from a year earlier.
“Looking ahead, we see attractive opportunities to deliver organic growth and achieve our financial objectives,” White said.
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