Bank of Montreal reports flat Q3 net income
The Bank of Montreal Financial Group building in downtown Toronto is shown on Tuesday, January 28, 2014. (THE CANADIAN PRESS/Nathan Denette)
The Canadian Press
Published Tuesday, August 26, 2014 8:27AM EDT
Last Updated Tuesday, August 26, 2014 1:28PM EDT
TORONTO -- Bank of Montreal earned a third-quarter profit of $1.126 billion, hardly changed from $1.123 billion a year ago.
The profit amounted to $1.67 per share, up from $1.66 per share in the same quarter last year.
Excluding one-time items, the bank earned an adjusted profit of $1.162 billion or $1.73 per share in the quarter, up four per cent from what it described as "particularly strong results a year ago" when BMO's adjusted earnings were $1.122 billion or $1.66 per share.
Analysts had expected $1.66 per share in adjusted earnings.
Revenue grew 10 per cent to $4.2 billion, while total provisions for credit losses amounted to $130 million, up from $76 million a year ago.
Return on equity was 14.4 per cent, compared with 15.5 per cent year-over-year.
BMO said its Canadian personal and commercial banking operations earned $526 million in the latest quarter, up eight per cent from a year ago, helped by higher revenue.
The bank said year-over-year loan growth was seven per cent, while deposits grew nine per cent.
In the U.S., BMO said personal and commercial banking earned US$147 million, up two per cent from a year ago.
BMO's wealth management business earned $190 million, down $27 million or more than 10 per cent from a year ago, while BMO Capital Markets earned $306 million, up 14 per cent from a year ago.
BMO chief executive Bill Downe said the bank delivered "very good results."
"Our success in growing both sides of the balance sheet is directly attributable to a strategy that emphasizes the delivery of an industry-leading customer experience and a brand promise that recognizes that money is personal -- and a bank should be too," Downe said in a statement.
"The bank is very well positioned, and we remain confident in our momentum."