News Column


February 25, 2014

TORONTO - Bank of Montreal (TSX:BMO) reports it had $1.06 billion of net income in the first quarter, up two per cent from a year earlier, as the bank cut its provisions for credit losses by nearly half.

BMO's net income amounted to $1.58 per share, before adjustments, up five per cent from a year earlier and five cents higher than analyst estimates.

Its provisions for credit losses dropped to $99 million, from $178 million a year earlier, largely as a result from improved recoveries from its impaired loan portfolio.

BMO's adjusted net income was $1.08 billion, up $54 million or five per cent from a year ago. Adjusted earnings per share rose seven per cent to $1.61, which was also ahead of analyst estimates.

The bank says that it had improved results from most of its major divisions.

Its main Canadian banking arm for consumers and businesses contributed $484 million of net income, up $37 million or eight per cent from a year earlier..

(The Canadian Press)

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Source: Canadian Press Broadcast Wire (Canada)

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