TORONTO — BMO Financial Group beat expectations as it reported its profit in its latest quarter nearly doubled compared with a year ago when the amount it set aside for bad loans soared at the start of the pandemic.
The first of the big Canadian banks to report is second-quarter results says it earned $1.3 billion in net income or $1.91 per share, up from $689 million or $1.00 per share a year ago.
The increase came as BMO’s total provision for credit losses fell to $60 million in its latest quarter compared with $1.1 billion in the same quarter last year when the pandemic brought the economy to a halt.
Revenue for the quarter ended April 30 totalled nearly $6.1 billion, up from almost $5.3 billion a year ago.
On an adjusted basis, BMO says it earned nearly $2.1 billion or $3.13 per share for the quarter, up from an adjusted profit of $715 million or $1.04 per share a year ago.
Analysts on average had expected an adjusted profit of $2.77 per share for the quarter, according to financial data firm Refinitiv.
Companies in this story: (TSX:BMO)