BMO earnings exceed expectations

Net income at Bank of Montreal rose 4 per cent in the quarter ended July 31 compared to the same period of 2015, beating expectations. The bank’s results showed profits of $1.25 billion with earnings per share up 3 per cent to $1.86.

Profits were strongest in the bank’s US personal & commercial banking operations (up 24 per cent to C$277 million) and BMO Capital Markets (up 18 per cent to C$321 million).

Canadian personal & commercial banking was up 1 per cent to $561 million. BMO set aside $257 million to cover bad loans, up $97 million from the same quarter of 2015.

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