BMO profit underwhelms at $997M
BMO Financial Group's profit came in short of analyst estimates in the second quarter, although adjusted earnings were up four per cent from last year.
The group that owns Bank of Montreal said its adjusted income was $997 million or $1.46 per share — three cents short of analyst estimates.
BMO's net income before adjustments actually fell, dropping by five per cent to $975 million or $1.42 per share — five cents short of the consensus estimate.
Its main Canadian personal and commercial banking division contributed $430 million to the total net income, down $3 million from a year earlier, while net income from the private client group was down $6 million to $141 million.
BMO's main U.S. personal and commercial banking division, operating mainly in Chicago and the U.S. Midwest, increased net income by six per cent to US$152 million.
BMO Capital Markets saw a big increase from a year earlier, rising $42 million or 18 million to $275 million.