BMO Beats Estimates on Lending Income Even as Provisions Climb
Bank of Montreal topped estimates as net interest income came in higher than expected even as the company set aside more money than forecast to cover possibly bad loans, highlighting growing concern about the fate of the North American economy.
The Canadian bank earned C$2.62 a share on an adjusted basis in its fiscal second quarter, according to a statement Wednesday, beating the C$2.54 average estimate of analysts in a Bloomberg survey. Net interest income, the difference between what the bank earns on loans and pays for deposits, totaled C$5.1 billion ($3.7 billion), higher than the C$5.04 billion expected by analysts.
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