TORONTO — BMO Financial Group says it earned $2.14 billion in its first quarter, up from $1.29 billion in the same quarter last year, helped by strength in its wealth management and capital markets businesses.
The bank said Tuesday the profit amounted to $2.83 per diluted share for the quarter ended Jan. 31, up from $1.73 per diluted share a year earlier.
Revenue totalled $9.27 billion, up from $7.67 billion in the same quarter last year.
The bank's provision for credit losses amounted to $1.01 billion in its latest quarter, up from $627 million in the same quarter last year.
On an adjusted basis, BMO says it earned $3.04 per share in its latest quarter, up from an adjusted profit of $2.56 per share a year earlier.
Analysts on average had expected BMO to earn an adjusted profit of $2.41 per share, according to according to LSEG Data & Analytics.
"We delivered strong first-quarter performance with broad-based revenue growth driving positive operating leverage in each of our operating groups," BMO chief executive Darryl White said in a statement.
BMO said its Canadian personal and commercial banking business earned $894 million in its latest quarter, down from $921 million a year earlier.
In the U.S., the bank's personal and commercial banking operations earned $580 million, up from $560 million in the same quarter last year.
BMO's wealth management business earned $369 million in its latest quarter, up from $240 million.
The bank's capital markets business earned $587 million, up from $393 million in the same quarter last year.
This report by The Canadian Press was first published Feb. 25, 2025.
Companies in this story: (TSX:BMO)
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