TORONTO — BMO Financial Group beat expectations as it reported a fourth-quarter profit of nearly $1.6 billion, up from nearly $1.2 billion a year ago.
The bank says the profit amounted to $2.37 per share for the quarter ended Oct. 31, up from $1.78 per share in the same quarter last year.
Revenue totalled nearly $6 billion, down from almost $6.1 billion in the same quarter last year.
Total provisions for credit losses amounted to $432 million, up from $253 million a year ago, but down from nearly $1.1 billion in its third quarter.
On an adjusted basis, BMO says it earned $2.41 per share, down from an adjusted profit of $2.43 per share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.90 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Dec. 1, 2020.
Companies in this story: (TSX:BMO)
The Canadian Press