BUSINESS

What Recession? Bank Of Montreal Profit Up 6%

08/25/2015 08:54 EDT | Updated 08/25/2016 05:59 EDT
CP
TORONTO — Bank of Montreal (TSX:BMO) says its third-quarter profit was up six per cent from last year overall, with even higher growth at its U.S. operations and its wealth management arm.

BMO's net income for the quarter rose to $1.19 billion and adjusted net income was $1.23 billion, both up six per cent.

The profit amounted to $1.86 per share of net income and $1.86 per share of adjusted earnings on $4.826 billion of revenue.

The bank says its Canadian personal and commercial operations generated $556 million of net income — about half of the total — up six per cent from last year.

Its U.S. personal and commercial operations grew net income by 38 per cent to $222 million, as it managed expenses and reduced credit losses while generating stable revenue.

BMO's wealth management generated $210 million of net income, up 11 per cent from a year ago, while net income at its capital markets division fell 11 per cent to $273 million due to higher expenses and higher provisions for credit losses.

"Our performance reflects the benefit of BMO's diversified business mix and confirms that the investments we have made are generating growth while ensuring that we keep pace with a new generation of banking customers," BMO chief executive Bill Downe said in a statement.

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