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BMO Financial Group 1Q Profit Rises; U.S. Banking Income Up 66%

By Dave Sebastian

 

BMO Financial Group on Tuesday said its profit in the latest quarter rose as it posted gains in its Canadian and U.S. personal and commercial banking, BMO Wealth Management and BMO Capital Markets operating groups.

The Canadian bank logged a profit in the fiscal first quarter of 2.02 billion Canadian dollars, or equivalent to about $1.6 billion, compared with C$1.59 billion in the year-ago period. Earnings were C$3.03 a share, compared with C$2.37 a share in the same period a year ago.

Earnings excluding the amortization of acquisition-related intangible assets and acquisition integration costs were C$3.06 a share. Analysts polled by FactSet had expected adjusted earnings of C$2.15 a share.

Revenue was C$6.98 billion, compared with C$6.75 billion in the prior year.

Provision for credit losses was C$156 million, down C$193 million from the prior year.

"Credit performance was very strong, reflecting both the credit quality of our loan portfolio and our commitment to superior risk management," said Darryl White, chief executive of BMO Financial Group.

Canadian personal and commercial banking net income was C$737 million, up 5% from the prior year. U.S. personal and commercial banking net income was C$582 million, up 66% from the prior year. BMO Wealth Management net income rose 23% to C$358 million. BMO Capital Markets net income rose 36% to C$483 million. The loss in the corporate-services segment widened to C$143 million.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

February 23, 2021 06:37 ET (11:37 GMT)

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