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 totaled $7.93 billion, up from $6.10 billion in the same quarter last year.
BMO’s provision for credit losses totaled $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.
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