BMO Financial Group beat expectations as it reported a first-quarter profit of $2.93 billion, up from nearly $2.02 billion in the same quarter a year earlier.
The bank says the profit amounted to $4.43 per diluted share for quarter ended Jan. 31, up from $3.03 per diluted share.
Revenue totalled $7.72 billion, up from $6.98 billion.
BMO reported a recovery of its provisions for credit losses of $99 million for the quarter, compared with a provision for credit losses of $156 million a year ago.
On an adjusted basis, BMO says it earned $3.89 per diluted share in its most recent quarter, up from an adjusted profit of $3.06 per diluted share in the same quarter a year earlier.
Analysts on average had expected an adjusted profit of $3.28 per share, according to financial markets data firm Refinitiv.
“We continue to build on our operating momentum and delivered another quarter of very strong earnings, driven by our Canadian and U.S. personal and commercial businesses, including accelerating commercial loan growth, and ongoing strength in BMO Capital Markets,” BMO chief executive Darryl White said in a statement.
“Our performance is underpinned by strong risk management and excellent credit quality. The targeted investments we are making in talent, technology and marketing are delivering stronger revenue growth, improved efficiency and return on equity.”
In detailing its results, BMO said its Canadian personal and commercial business earned $1.00 billion, up from $750 million a year ago, while its U.S. personal and commercial business earned $681 million, compared with $579 million in the same quarter last year.
BMO’s wealth management business earned $315 million, down from $336 million a year ago, and its capital markets operations earned $705 million, up from $478 million.
The bank’s corporate services group earned $228 million in its most recent quarter, compared with a loss of $126 million in the same quarter last year.
