Latest news with #BankOfMontreal
Reuters
28-05-2025
- Business
- Reuters
Bank of Montreal tops profit estimates on lending income boost, lower than expected provisions
May 28 (Reuters) - Bank of Montreal ( opens new tab on Wednesday beat analysts' profit estimates as it earned more from loans and set aside a smaller than expected sum of money to cover for bad loans in an uncertain environment amid trade talks. BMO, Canada's third largest lender by market capitalization, earned C$2.62 ($1.90) per share in the second quarter, compared with analysts' average estimate of C$2.54, according to LSEG data. It said loan loss provisions, the amount lenders set aside as rainy day funds, rose to $1.05 billion from C$705 million, but was lower than analysts' estimate of C$1.07 billion. Still, BMO's provision for performing loans, or loans that are cleared on time, jumped to C$289 million from C$47 million, signaling it was preparing for a volatile environment. BMO is among Canadian banks that have rapidly expanded in the US through big acquisitions, seeking growth opportunities outside of home. But that business struggled as losses related to some commercial loans increased, hurting credit quality. At the same time, U.S. President Donald Trump's trade policies have created tremendous uncertainty for Canada's economy as investors hope newly elected Prime Minister Mark Carney will establish pro-business policies and initiate more positive trade talks. That was reflected in BMO's Canadian business, where net income fell 10% due to a jump in provisions. Net interest income, or earnings on loans minus deposit costs, jumped 13%. "A good quarter overall for BMO," Scotiabank analyst Mike Rizvanovic said, noting that credit-related issues for the bank have moderated. BMO also benefited from the fee-based wealth management and capital markets business, as did its peer National Bank of Canada ( opens new tab. While the macroeconomic challenges threaten to cause a slowdown in dealmaking and hamper loan growth, wealth management businesses have historically helped banks cushion weakness in borrowing as they are fee-driven. Banks across North America are increasingly prioritizing fee-based businesses to diversify and de-risk revenue streams. National Bank topped analysts' profit estimates as it integrated Canadian Western Bank after a C$5 billion acquisition earlier this year. The Montreal, Quebec-based lender earned C$2.85 per share, topping estimates of C$2.40. ($1 = 1.3814 Canadian dollars)
Washington Post
28-05-2025
- Business
- Washington Post
Bank of Montreal: Fiscal Q2 Earnings Snapshot
MONTREAL — MONTREAL — Bank Of Montreal (BMO) on Wednesday reported fiscal second-quarter profit of $1.38 billion. The Montreal-based bank said it had earnings of $1.76 per share. Earnings, adjusted for non-recurring costs, were $1.84 per share. The results matched Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of $1.84 per share.
CTV News
28-05-2025
- Business
- CTV News
Bank of Montreal quarterly profit rises on wealth management strength
People make their way past the Bank of Montreal building in the Financial District of Toronto, Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby Lender Bank of Montreal reported a rise in second-quarter profit on Wednesday, helped by strength in its wealth management business. The bank's adjusted net income rose to $2.05 billion, or $2.62 per share, in the three months ended April 30, compared with $2.03 billion, or $2.59 per share, a year earlier. Reporting by Ateev Bhandari in Bengaluru; Editing by Devika Syamnath, Reuters
