BMO Financial Group reports Q4 profit climbed to nearly $1.6B, beats expectations

BMO Financial Group reports Q4 profit climbed to nearly $1.6B, beats expectations
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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

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