News Column

Bank of Montreal beats forecasts

February 26, 2014

CITY A.M. REPORTER



BANK of Montreal reported higherthan-expected quarterly earnings yesterday after a strong performance in its wealth management business and growth in domestic banking profits in spite of worries about a slowing housing market.


Shares of Canada's number four bank rose modestly, outperforming most of its peers as investors looked past year-on-year profit declines in BMO's closely watched US retail bank.


Profit from BMO's Canadian retail banking operation rose eight per cent to C$484m (262m) in the first quarter ended 31 January, with loan growth of 10 per cent more than offsetting narrower interest margins.


Net profit for the quarter was C$1.06bn or C$1.58 a share, up from C$1.04bn, or C$1.51 a share, a year earlier.


Loan-loss provisions fell to C$99m from C$178m.


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Source: City A.M. (UK)


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